: :inin Kyiv (EET)

”No collapse to ensue”: Ukraine`s Finance Minister says no urgent need for IMF money


Ukraine`s Finance Minister Oleksandr Danyliuk has assured that Ukraine economy is not in an urgent need for more funds from the country`s key donor, the International Monetary Fund.

”No collapse is going to ensue,” the minister told Ukrainian newspaper Ekonomichna Pravda, when asked about pssible consequences for Ukraine if the IMF failes to allocate another tranche of financial aid before year-end.

”The IMF tranches are not transferred to the budget, but to the reserves of the National Bank of Ukraine. The next one is no exception. Even if we don`t get it this year, we will not face the need to find money to replace it, as, for example, in the case of non-receipt of macro-financial assistance from the EU or the revenues from privatization,” he said.

According to Danyliuk, the receipt or non-receipt of the tranche will not affect the fulfillment of the obligations under the budget.

”The IMF tranche is primarily a signal that the program continues. This is important for foreign investors and other international organizations. As you know, Fitch Ratings has recently upgraded the long-term rating of Ukraine to B-, which will allow the state and national companies to borrow funds in foreign markets at lower rates,” the Minister said.

”This has become possible, including through reforms that we are implementing with the support of the IMF. It is important that we continue reform, not just as part of the IMF program,” Danyliuk said.

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