"The program, which will be signed with the International Monetary
Fund and approved by the Board of Directors of the IMF - realistic and complex. But most
important, it is not a program for reform of the International Monetary Fund.
This is a reform program for Ukraine. And it will be effective if the political
forces represented in the Parliament perform what they have been chosen for and
what the Cabinet of Ministers has proposed", the Prime Minister of Ukraine
Arseniy Yatsenyuk emphasized at a meeting of the Government on Saturday,
He stressed that
there were very difficult discussions in negotiations with international
creditors: "Thus, Ukraine was demanded to adopt decisions, which in modern
terms we couldn’t accept either politically or economically. Because they gave
no economic benefit, while they could create a serious political
Among the key
challenges, as reflected in the program and in the reports of international
rating agencies, the Prime Minister called Russian military aggression and
escalation of the conflict in eastern Ukraine, "Therefore, it is important
that Russia fulfills the commitments, which she has undertaken for the second
time. It is important to avoid repeating the fate of the first Minsk deal".
He has also
stressed that the Ukraine’s Government welcomes a G7 statement promulgated
yesterday "on tough position towards Russia, if the Russian Federation
fails to fulfill the basic requirements of the Minsk new round of negotiations
on the implementation of the agreement already signed by Russia."
challenge, according to Arseniy Yatsenyuk, concerns reforms:
"Unfortunately, there was a very bad history of cooperation with the
International Monetary Fund in Ukraine until 2014. Only with a new stand-by
program, which was launched in April 2014, everything has been changed. Each
commitment undertaken by Ukraine to implement reforms was fulfilled. And it was
the precondition for the International Monetary Fund to consider Ukraine's bid
for obtaining not a one-, but four-year program."
"The reforms in
the country are assessed by those who provide financial support to the state.
These are the International Monetary Fund, the World Bank, the
European Union. And if in 2014 we had made a mistake somewhere, in 2015 nobody
would sit with us at the negotiating table", he added.
reminded that in 2014 Ukraine had obtained from the international creditors USD
9 billion, while to pay off loan obligations it had returned USD 14 billion,
"We paid off 14 billion dollars of debt, which had been accumulated not by
us, but by Yanukovych and his gang supporting him. But now we are implementing
the obligations of the state".
"It is crucial
for us to stabilize the economic situation, to meet our external obligations.
And due to the fact that we are provided with an opportunity to carry out our
external obligations, we have an additional resource to maintain our own army,
to finance salaries and pensions," he stressed.
emphasized that the program has several major objectives, “The first is to
fulfil our external obligations. The second is to accumulate money in the
foreign exchange reserves of the National Bank to stabilize the banking sector
and to stabilize the currency and the exchange rate".
hasn’t got a goal: "just take the money and spend it wherever you
want". The program has a very important goal - "just embark on
difficult reforms that are not accepted with ease, but tomorrow they will yield
positive and economic, political and social results," he said.
According to Arseniy
Yatsenyuk, to ensure economic growth in 2016 we should approve a decision this
year to form a basis for stabilization and economic growth.