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IMF awaits sign that Ukraine is prepared to cooperate

March 4, 2009

The International Monetary Fund (IMF) expects to receive confirmation from the Ukrainian government that it is prepared to cooperate with the Fund in order to conclude a review of its programs and to release the second tranche of a US $16.4 billion loan, said IMF Head of Mission in Ukraine Ceyla Pazarbazioglu in a conference call.

According to Ms. Pazarbazioglu, Ukraine’s government needs to send a letter to the IMF informing it “when they would like us to return and then we will plan on this.” Ms. Pazarbazioglu explained that this was with reference to the comments to the draft Letter of Intent on which the mission had worked jointly with the Ukrainian government and which is supposed to form the basis for discussion on the Mission’s return to Kyiv.

Ms. Pazarbazioglu also note that the IMF welcomes the signing of a joint declaration between the Government, President and National Bank of Ukraine and was positive about the outcome of the discussion that took place with the Ukrainian government last week.

According to the Head of the IMF Mission, the key topics to be discussed remain instituting an all-encompassing strategy for assistance to banks, monetary policy, exchange rate policy, and a realistic budgetary and fiscal position in 2009.

President Viktor Yushchenko, Premier Yulia Tymoshenko and Verkhovna Rada Speaker Volodymyr Lytvyn agreed that they would prepare a joint document for the International Monetary Fund by Monday, March 2. In a letter addressed to IMF Executive Director Dominique Strauss-Kahn, Mr. Yushchenko thanked him “for understanding the difficulty of the current economic situation in Ukraine and for [his] readiness to renew dialog with the Ukrainian side regarding the review of criteria in the Memorandum on Economic and Financial Policy.”

Brief: In November 2008, the International Monetary Fund approved a decision to allocate a stabilization loan worth US $16.43 billion to Ukraine to maintain confidence in the financial sector and help the country’s economy, which was suffering from the global financial crisis. At that time, the National Bank of Ukraine received the first tranche of this IMF credit, US $4.5bn “to maintain the stability of the national currency and recapitalize banks.”

Tags: IMF