IMF Statement on UkrainePress Release No.09/482
December 30, 2009
Mr. Max Alier, International Monetary Fund (IMF) Resident Representative for Ukraine, made the following statement in Kiev:
“The IMF has continued to work with Ukrainian authorities over the holiday period on a range of outstanding issues.
“On December 30, 2009, the IMF Executive Board agreed to the government’s request to modify the performance criterion on Net International Reserves (NIR), as specified in the current Stand-By Arrangement, to lower the end-December NIR floor by about US$2 billion. This important step will enable the Ukrainian authorities to use existing resources to make external payments due – including gas payments—within the framework of Ukraine’s program with the Fund. It does not involve any new disbursement by the IMF.
“The IMF continues to discuss, within the context of formulating a 2010 budget, how to ensure that the Ukrainian economy is placed on a sustainable growth path and, particularly, that the most ulnerable groups in society will be protected. Agreement with the authorities on a 2010 budget, with the assurance of broad political support, would provide the basis for renewed progress and a resumption of disbursements under the Fund-supported program.”