IMF Mission Recommends USD 17 B Loans to Ukraine
International Monetary Funds officials have recommended that Ukraine be granted a loan worth USD 17 B aimed at helping Kiev to reduce pressure on the economy.
The announcement came short after estimates that Ukraine's economy could contract by 5% this year due to February's events, the developments in Crimea and the ongoing unrest in its eastern and southern parts, as Bloomberg has reported.
IMF's proposals were revealed by Ukrainian government sources, who were delivered a report by the institution on April 22.
According to the cabinet representatives, an IMF board meeting could take place on April 30 to consider the proposal.
Conny Lotze, an IMF representative, has however declined to comment on the information.
In mid-March, IMF's mission to Kiev struck a standby deal with the interim authorities on between USD 18 B and USD 27 B of aid for the country on the condition of comprehensive political and economic reforms.
Ukraine is now in financial turmoil, with an economy threatening to collapse, debt claims by Russia worth billions of USD, and a standoff with pro-Russian separatists who have occupied buildings in a number of towns and cities.
- » Bulgaria, Romania Sign Joint Declaration on Energy Cooperation
- » Minimum Wage in Bulgaria to Reach EUR 230 in 2017
- » Bulgaria's KTB Officially Slides into Insolvency after Court Ruling
- » Eurostat 'Has Reservations' about Bulgaria's 2014 Deficit Data
- » Bulgaria C-Bank 'Warned Greek-Owned Banks' over Grexit Scenario
- » Foreign Direct Investment in Bulgaria Down 6.9% Y/Y in Jan-Feb 2015
To Warfou and Maudlin, the others posting on this topic are preachers of hate.
Yes some will go to the USSR, Joe Biden last week raised the issue about corruption in the Ukraine. The Ukranians
will not steal the money but use it to do deals with their cousins, they will not steal it.
The Kiev government is illegal so any money they borrow will not have to be paid back, future governments can pass laws to make sure they dont have to repay it.
Dude, what's your issue, did they deny your visa to the US or did you get deported? All you write about is US this, US that, US everywhere.
Who gives a shit if the US pays or not, the US pays everything at the end of the day. It pays the biggest share of the UN, IMF, World Bank obviously as the richest country in the world. The US will bankroll the whole transition to democracy in Ukraine just like it did in Eastern Europe in the 1990s and like it did after WW2 in Europe with the Marshall Plan. It will find a solution with Russia so that both American and Russian interests are considered in Ukraine.
Even if a few idiots like you think its a zero sum game between the US and Russia - the elites in both countries understand that they need each other for vital issues such as nuclear disarmament, Iran, Syria, etc. They will not jeopardize their relationship because of Ukraine. I think the Americans didn't understand the depth of the problems with corruption in Ukraine and throwing money without deep structural reforms won't solve any problems there - the money will end up in Switzerland or Austria helping our Alpine friends who don't really need any help.
I'm glad they will give Russia 2 billion and as a matter of fact I wish it were 10 billion because at the end of the day our Russian friends in Gazprom will be paying Exxon, Chevron, Bechtel and other American companies to develop their gas fields in Siberia, Sakhalin Island and the Kamchatka Peninsula. And if Russia grows then its citizens will travel with their cash and buy mansions in Miami and penthouses in Manhattan benefitting the US.
The only ones who will not benefit are losers like you who sit around a lousy website such as this one posting every 5 minutes pure nonsensical things that nobody cares about.
Get a life dude, you need it!
Every month the US Federal Reserve prints new USD 65 Billions literally out of nothing, which is called a Quantitative Ease policy. It simply means that America can have as much money as it wants for as long as the rest of the world, including Russia, accept it by taking this money for their products, resources and services. Thus, from their perspective the additional USD 11 Billions to be lend to Ukraine will not be a problem. However the issue is, how to ensure that this money 1. does not go to UA oligarchs or politicians to get stolen, 2. does not go to Russia to help improve its military.
Hand over the money IMF (make sure the US pays its share) plus where is the 11 billion from the EU?
This will enable the Ukraine to pay its debts to Russia which will reward Russia for the support that it showed the Crimea and the moral support it is giving to Eastern Ukraine.