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Ukraine unable to use central bank’s reserves to repay creditors - IMF

June 13, 2015, 0:58 UTC+3 WASHINGTON
To receive the IMF’s second tranche, Ukraine’s government should make a decision on restructuring the external state debt, which is $18blm worth, till middle June
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WASHINGTON, June 12. /TASS/. Kiev cannot use the reserves of Ukraine’s national Bank for repaying debts, Managing Director of the International Monetary Fund (IMF) Christine Lagarde said on Friday.

"The NBU’s international reserves cannot be used for sovereign debt service without the government incurring new debt, which would be inconsistent with the objectives of the debt operation," the IMF says in a statement.

Ukraine’s state debt hit $47.6 billion, totalling 100% of the GDP, said Yuri Boiko, the head of the Opposition Bloc at the Verkhovna Rada parliament.

To receive the IMF’s second tranche, Ukraine’s government should make a decision on restructuring the external state debt, which is $18blm worth, till middle June but Kiev experiences certain difficulties in talks with creditors.

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