Transcript of a Press Conference on Ukraine by Managing Director Christine Lagarde

February 12, 2015

Brussels, Belgium
February 12, 2015

QUESTIONER: Talks are ongoing in Minsk, they seems to be quite difficult. I wanted to know if you are worried about how difficult they are and about the situation on the ground, as well as what are you expecting from the European Union?

MS. LAGARDE: In terms of financing there are, of course, contributions from the European Union and members. So as I said it's a package that is both bilateral and multilateral. When I say multilateral it can come from any such institutions as the World Bank and the EBRD, but also the European Union as a group. Discussions on difficult issues are difficult discussions and they take time. We very much hope that they will be conclusive, that they will be satisfactory, that they will help restore peace and more certainty because one of the risks over the potential success of this program is obviously of a geopolitical nature. And the sooner it is peaceful, calm and people can focus on turning the economy around, the better. But we also believe that as it stands and with the macroeconomic hypotheticals that we have, the program stands as well.

QUESTIONER: Several questions, if I may. First of all, have you actually nailed down, you can't give us the breakdown, but have you nailed down the $40 billion?


QUESTIONER: Is that effectively in the bank for the IMF?

MS. LAGARDE: It's not in the bank of the IMF. It's on our checklist.

QUESTIONER: So these are concrete contributions?

MS. LAGARDE: Yes, yes, yes.

QUESTIONER: How long will Ukraine have to get energy prices to market levels? What was your assessment of Ukraine's financing gap for 2015? Is Russia one of those countries that is making some kind of contribution?

MS. LAGARDE: You are getting into such technical details that I might have to refer you to the staff press conference (in Kiev) where they will give very special and technical details of all that. But on the price increase, it was, as you can imagine, a difficult discussion and the result is, in our view, satisfactory over the course of the next two years.

QUESTIONER: Can you answer the Russian question, Madame Lagarde?

MS. LAGARDE: I'm telling you that there is a package of bilateral lenders, of multilateral institutions and I am not going into the details of that.

QUESTIONER: The $40 billion, does that include a Russia contribution?

MS. LAGARDE: It includes bilateral and multilateral contributions of different sorts.

QUESTIONER: We are here to discuss Ukraine but would you be able to give us a word on Greece?

MS. LAGARDE: Oh, it's an ongoing matter. We'll see each other on Monday again.

MODERATOR: Thank you, Madam Lagarde. There will be a press conference in Kiev taking place very shortly with the staff as Madam Lagarde mentioned.
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