No default foreseen on Ukraine's public debt: IMF official

13:18, June 15, 2011      

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The International Monetary Fund (IMF) sees no reason to worry about Ukraine's possible default on public debts, said an IMF official on Tuesday.

"I would say that Ukraine's public debt has increased significantly over the past two years, but it is still not so high. It is about 40 percent of the GDP and there are no reasons to worry about possible default," said Max Alier, head of the IMF Representative Office in Ukraine at the Raiffesen Private Wealth Forum.

The Ukrainian government has not defaulted on public debts, thanks to its smart policy, he said.

Alier said that it is necessary for Ukraine to conduct all the reforms to get a new IMF loan till the end of the year.

In July 2010, the IMF approved a stand-by loan worth 15 billion U.S. dollars to Ukraine, which had received two tranches before the program was frozen due to the government's failure to implement needed reforms.

Source: Xinhua
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