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Friday, February 16, 2018

“We need to take a bunch of unpopular reforms,” IMF stop the support program of Ukraine

If, before the beginning of the summer, Ukraine will not receive the next tranche from the International monetary Fund, cooperation with the IMF will be terminated. This statement was made Deputy Chairman of the NBU Dmitry Sologub. Speaking of which, the Ukrainian official admitted that the receipt of such tranche authorities should undertake a lot of “unpopular” reforms, which are unlikely to be implemented before the election.

photo: Gennady Cherkasov

A loud statement was made by the Chairman of the National Bank of Ukraine Dmytro Sologub in interview to the edition “Ukrainian news”. In an interview with reporters Sologub said that Ukraine may be left without ongoing support from the International monetary Fund this summer. Cooperation at this stage will be terminated, if in Kiev will not receive the next transfer from the Fund until June, said Deputy head of the NBU. In his opinion, it would show the futility of the current programme of support to Ukraine.

“Given the political cycle, no decision on the IMF tranche before the end of the second quarter, will attest to the fact that the current EFF program (Extended Fund Facility) with a high probability will not resume,” the official said.

The possibility of obtaining such a translation seems to be very vague, as the authorities in Kiev needs to conduct many reforms that are unlikely to find support among the population. Before the elections, the Ukrainian leadership, most likely, such a step will not go.

“If theoretically the Ukrainian government two months before the election, will want to take a bunch of unpopular reforms, it will get money. But the question is, what is the probability of this is low,” said Sologub.



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