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IMF mission OKs loan for Ukraine

English.news.cn   2014-03-27 21:01:57
 • IMF mission agreed on a loan between 14 billion and 18 billion U.S. dollars to the Ukrainian government.
 • The IMF authorities are expected to approve the exact amount of the loan in April.
 • Ukraine agreed to reform energy, financial sectors, strengthen its fiscal policy, improve business climate.

 

KIEV, March 27 (Xinhua) -- The International Monetary Fund (IMF) mission in Ukraine on Thursday agreed on a loan between 14 billion and 18 billion U.S. dollars to the Ukrainian government.

"The mission has reached a staff-level agreement with the authorities of Ukraine on an economic reform program that can be supported by a two-year stand-by arrangement with the IMF," Nikolay Gueorguiev, the IMF mission chief for Ukraine said in a statement.

The IMF authorities are expected to approve the exact amount of the loan in April, the statement said.

Gueorguiev said that the loan would become part of a broader international financial support to Ukraine worth up to 27 billion dollars within the next two years.

The stand-by program is to keep Ukraine's struggling economy afloat amid the recent economic and political turbulence, it said.

The IMF started its mission in Ukraine on March 4 to make technical assessment of the country's economic situation and hold talks with the authorities over a possible bailout.

To obtain the loan, Ukraine agreed to implement reforms in energy and financial sectors, strengthen its fiscal policy and improve business climate.

IMF's previous 15-billion-dollar stand-by loan program to Kiev was frozen in February 2011 over the unwillingness of the Ukrainian authorities to raise utility tariffs for households, reduce fiscal deficit and conduct reforms.

Ukrainian Prime Minister Arseniy Yatsenyuk said Thursday that his government expected that the country's economy will contract 3 percent in 2014.

"We should adopt tough anti-crisis measures to avoid default," Yatsenyuk told the parliament, urging the lawmakers to approve the package of laws aimed at preventing economic collapse.

Yatsenyuk said inflation in Ukraine for 2014 is likely to reach 12percent to 14 percent against the 2.6 percent estimated earlier due to the government's loose monetary policy.

The Ukrainian economy is facing bankruptcy over high budget deficit, huge state debt and low foreign exchange reserves.

Related:

China reiterates call for calm over Ukraine

BEIJING, March 27 (Xinhua) -- China here on Thursday reiterated its call for calm and restraint over tensions in Ukraine.

Foreign Ministry spokesman Hong Lei made the appeal at a daily press briefing, saying China hopes all parties involved can seek political means to solve the crisis through talks. Full story

Britain welcomes OSCE monitoring mission to Ukraine: FM

LONDON, March 26 (Xinhua) -- British Foreign Secretary William Hague on Wednesday hailed the deployment of the Organization for Security and Co-operation in Europe (OSCE) special monitoring mission to Ukraine. Full story

Russia accuses Ukraine of violating flight safety agreement

MOSCOW, March 26 (Xinhua) -- Russia accused Ukrainian authorities Wednesday of violating a bilateral agreement on air transportation and putting air travelers at risk.

According to the Russian Foreign Ministry, the Ukrainian border service has banned the crews of Russian commercial planes leaving their aircraft after landing on Ukrainian territory. Full story

Kiev condemns Russian forces attacks on Ukraine's military units

KIEV, March 25 (Xinhua) -- The Ukrainian Foreign Ministry Tuesday strongly condemned the attacks by the Russian troops on Ukraine's military units in Crimea. Full story

Russia sees Ukraine in state of anarchy

MOSCOW, March 24 (Xinhua) -- Moscow sees the current situation in Ukraine as anarchy which has nothing to do with a state ruled by law, the Russian Foreign Ministry said on Monday. Full story

Ukraine to withdraw troops from Crimea: acting president

KIEV, March 24 (Xinhua) -- The National Defence and Security Council has ordered the Defence Ministry to pull Ukrainian military forces out of Crimea, acting president Alexandr Turchynov announced here Monday. Full story

Editor: Lu Hui
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