The NBU and Finance Ministry of Ukraine has called a pause in cooperation with the IMF is a key risk to the stability

ECONOMY

KIEV, July 25. /Basereporter.com/. The key risk for financial stability in Ukraine is a further delay in the resumption of cooperation between Kyiv and the International monetary Fund (IMF). That’s the conclusion reached by the participants of the financial stability Board, which includes the Minister of Finance of Ukraine Oksana Markarova, as well as Chairman of the National Bank of Ukraine Yakov Smoliy.

“The financial stability Board stressed the need to resume active cooperation with the IMF. The delay in the resumption of cooperation is a key risk to financial stability”, – stated in the message NBU on Wednesday.

The implementation of structural reforms under the program of cooperation with the Fund is extremely important for macro-financial stability and access to financing from the IMF and other international partners, stressed the participants of the Council. In addition, the report says, it is also important to maintain demand for Ukrainian sovereign liabilities in the “global trend of investors’ exit from the asset markets that are developing”. Another factor in the necessity of intensification of cooperation with the IMF called the future “a significant volume of payments on external public debt over the next two years.”

The latest Memorandum of cooperation between Ukraine and the IMF signed in March 2015. Within four years, the Fund needs to provide Ukraine with $17.5 billion In the framework of this programme the Ukrainian government has already received four tranches for a total of $8.7 billion, the Last one April 5, 2017 in the amount of $1 billion.

Acting Minister of Finance of Ukraine Oksana Markarova 11 Jun announced that Ukraine may receive the next tranche in the autumn of this year. Kyiv expects to receive about $2 billion.

Prime Minister Vladimir Groisman said that has been a year of discussions with the IMF concerning gas prices for Ukraine to receive new loan. According to him, the increase in gas prices can only be a necessary step, “to prevent economic disaster and poverty for the Ukrainian citizens in the event of default.”

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