The Ukrainian Government expects the decision
of the Board of Governors of the International Monetary Fund to be taken on
August 29, on the allocation of the next tranche worth $ 1.4 billion dollars to
Ukraine: "It will mean that overall, along with the World Bank’s funds,
Ukraine will receive about 2 billion dollars", said the Prime Minister of
Ukraine Arseniy Yatsenyuk at a Government’s meeting on Wednesday, August 20.
Arseniy Yatsenyuk stressed that under the
current circumstances "to have an effective economy and a healthy
financial sector proves extremely difficult”: "When there is warfare in
the country, which is supported by the terrorists from the Russian Federation,
every day we are losing our economic potential".
The Head of Government stressed that every
minute Ukraine suffers millions dollars in losses: "According to our data,
the terrorists, the shots of whom are fired on the signals from Russia, are
targeting the most sensitive infrastructure objects of Ukraine: mines, thermal
stations, power stations, power grids, railways, bridges, communications and
"It is absolutely clear that these are
planned actions called to stifle our economy. Russia is aware that to restore
Donbas we will need not billions hryvnyas, but billions of dollars that we
should find somewhere," he said. Despite the extremely difficult
situation, said Arseniy Yatsenyuk, the Ukrainian Government continues cooperation
with the International Monetary Fund, the World Bank and other foreign
creditors, who estimate the efficiency of the Ukrainian economic reforms.
The government waits for this assessment to be
made on August 29, during a meeting of the Board of Governors of the
International Monetary Fund. "The loans are given only when they see the country
carries out certain reforms and changes. If on August 29 the International Monetary
Fund decides in favour of allocation of the next tranche worth $ 1.4 billion,
it means that we are moving in the right direction", - said the Head of
Arseniy Yatsenyuk emphasized he is not satisfied
with the pace and depth of the economic reforms, however, “the progress we demonstrate
nowadays affords to believe in economic stabilization after peace is restored
in the country": "But it proves necessary to fight for peace in the
Regarding the work of Government with other borrowers
from abroad, the Prime Minister noted that the Ministry of Finance together
with the National Bank, for the first time throughout recent six months, had placed
government securities, "which were directly purchased by one of the western
leading financial agents": “The Finance Ministry had government securities
worth 2.2 billion hryvnyas with maturities of 2.5 years at an interest rate of 18.95%".
"If one of the world's largest foreign
banks decided to buy government securities of Ukraine issued in hryvnyas with
the maturities of 2.5 years - it means they believe in the stability of the
currency market and economic recovery of Ukraine," he noted.
The PM reiterated that the country's economic
development "directly depends on the events in the East of Ukraine”: “The aggressor
country, the Russian Federation, knows it well. Therefore, it is vital for us to
stabilize our East”.