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Arseniy Yatsenyuk: The Government expects for $ 2 billion to be granted to Ukraine by the IMF and the World Bank
20.08.2014 | 13:30
Department of Information and Communication of the Secretariat of the CMU

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 Banks funds, Ukraine will receive about 2 billion dollars", said the Prime Minister of Ukraine Arseniy Yatsenyuk at a Governments 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 infrastructure".

"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 Government.

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 modern world".

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.



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