Ukraine to meet with IMF next week, with $15 billion at stake, says finance minister

2 March, 01:18 PM
IMF (Photo:Johannes P. Christo / Reuters)

IMF (Photo:Johannes P. Christo / Reuters)

A Ukrainian delegation will meet with the International Monetary Fund (IMF) next week in Warsaw, Poland to discuss the parameters of a new program, Ukrainian Finance Minister Serhiy Marchenko said on March 2, adding that the talks will take place from March 8-15.

“We’ll agree on the terms, content, amount, etc.”, Marchencko said, speaking on Ukrainian national television.

“Now, it’s too early to talk about specific details as there are many issues the IMF needs to internally discuss.”

Marchenko said that there are “certain contradictions” among the IMF Board of Directors as, unfortunately, not all members support Ukraine.

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“Therefore, in order for us to get full consensus and support, we need to work a little, including within this organization,” the minister said.

He assured that the Ukrainian delegation was actively working toward a solution.

“I think we’ll find the necessary solutions so that, beginning in April, we have a fully-fledged IMF program,” he said.

After the IMF mission concluded its work in Warsaw on Feb. 17, the group said in a statement that it had reached a Staff-Level Agreement (SLA) with Ukrainian authorities to terminate the current program so to transition to a new funding agreement.

The new agreement, barring non-approval from IMF Management, will pave the way to a fully-fledged IMF program for Ukraine.

Earlier, IMF Managing Director Kristalina Gerogieva said the IMF is ready to provide substantial economic support to Ukraine within the new program.

Ukrainian Prime Minister Denys Shmyhal said Ukraine is counting on at least $15 billion in IMF funding through the new program.

According to Bloomberg, the IMF is considering creating a financial assistance package for Ukraine worth $16 billion, to be dispersed over several years.

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