The Ukrainian authorities and Parliament
should show the political will to continue the reforms, to adopt tough laws, to
assume political responsibility, Prime Minister of Ukraine Arseniy
Yatsenyuk underlined following a meeting with U.S.
Secretary of Commerce Penny Pritzker and
representatives of leading U.S. companies on Monday 26 October.
Arseniy Yatsenyuk pointed out that the USA’s decision as to
providing Ukraine with a $1 billion loan guarantee "is directly related to
economic reforms, which should be conducted by the Parliament, the Government as
well as by the President of Ukraine."
The basis for
these economic reforms, according to the Prime Minister, is set in the
memorandum on cooperation between Ukraine and the International Monetary Fund:
"This means that the Ukrainian authorities and Parliament should show the
political will to continue the reforms, to adopt tough laws, to assume political
responsibility and thereby demonstrate that we are carrying out reforms not in
words but in deeds."
He has emphasised that if the International Monetary Fund, World
Bank, U.S. Government, Governments of the Group of Seven continue to support
Ukraine financially - "it means that there are reforms", "They
declare this publicly. Where there are no reforms, there is no money."
Arseniy Yatsenyuk reminded that there is a general scale of the IMF
as to support for Ukraine "Within this scale the International Monetary
Fund allocates USD17.5 billion while the Government of the United States, other
G-7 member states and other contributors allocate USD7.5 billion."
All these funds
are aimed at the macroeconomic stabilization, the Prime Minister stressed. In
particular, some of the money goes to the gold
and exchange currency reserve, "The gold and exchange currency reserve has increased from USD6 billion to almost
Another part of
these funds, Arseniy Yatsenyuk
informed, is now in the accounts of the Government of Ukraine and makes up almost
according to him, this financial mechanism allows Ukraine to pay off its
external obligations "by not pulling money out of the pockets of
"On the one
hand, the funds we receive are aimed to make us a financially stable country
and pay off our external liabilities. On the other hand - the funds received by
the state budget of Ukraine in the form of taxes, must develop the Ukrainian
economy," he underlined.
Arseniy Yatsenyuk pointed out that this program is "not an IMF’s
program but a reform program for Ukraine": "The implementation of
this program is prerequisite for attracting U.S. investors. Clear rules ensure
investments. Our reform program has clear Western rules."