Government will use USD 1 billion from IMF loan to repay public debt

The government approached the International Monetary Fund requesting for permission to use USD 1 billion from the second tranche of the stand-by loan for repayment of the public debt.
Finance Minister Oleksandr Shlapak told reporters Wednesday, a Ukrinform correspondent reports.
“We asked for the change of the resource distribution. We thought that the funds, like over the previous years of our relations with the IMF, will go to the NBU reserves. We had to ask that out of USD 1.4 billion of the second tranche USD 1 billion will go to the state budget and USD 400 million – to the National Bank. We need this money to repay debts – in order not to deal again with the rate difference, taking the hryvnia somewhere and purchasing the expensive currency. We will act this way,” the Minister explained.

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