IMF mission starts work in Ukraine for another tranche

22:02, November 03, 2010      

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An International Monetary Fund (IMF) mission had launched a review of Ukraine's budget reform program under an IMF funding agreement, local press reported Wednesday.

If favorable, the review would clear the way for a second tranche of funding under the 15 billion U.S. dollar IMF credit line.

"Ukraine is fully ready for the inspection," Ukrainian Finance Minister Fedir Yaroshenko said.

"The mission is here to see how the memorandum is being implemented. I hope some positive decisions for us will be taken then," he said.

The IMF plans to talk with local authorities on fiscal deficit, inflation, taxes and other obligations.

In October, Ukraine President Viktor Yanukovych assured IMF Managing Director Dominique Strauss-Kahn that Ukraine was fulfilling its obligations and said cooperation with the IMF was constructive. Yanukovych also expressed confidence the current situation in Ukraine favored the cooperation program with the IMF.

The IMF resumed cooperation with Ukraine in July, providing the country with a credit program of 15.15 billion U.S. dollars. Ukraine received the first tranche of 1.89 billion dollars in August.

Experts said the IMF's new tranche would be provided in late November subject to the implementation of the IMF requirements by Ukraine in the third quarter.

Ukrainian lawmakers, in accordance with IMF requirements, reduced the budget deficit, setting it at a ratio of 4.99 percent of GDP in 2010.

Ukraine is among the countries hard hit by the global financial crisis, with its economy contracting 15 percent last year, the biggest contraction since the industrial collapse following the breakup of the former Soviet Union in 1991.

Source: Xinhua


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