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G7: Ukraine must fulfill commitments in negotiations with IMF, - Tombinsky
17:01, 4 February 2016
G7: Ukraine must fulfill commitments in negotiations with IMF, - Tombinsky

Ukrainian leaders, G7 top-rank officials and EU delegation in Ukraine met in Kyiv on February 4

17:01, 4 February 2016

expres.ua

A meeting behind closed doors took place at Ukraine’s Presidential administration in Kyiv on Thursday. Leaders of the state, high-ranked officials from G7 countries and the EU Delegation in Ukraine participated (Interfax-Ukraine).

Head of the EU Delegation Jan Tombinski, in particular, quoted diplomats from the G7 who said that Kyiv should keep up to its commitments in negotiations with the IMF. “All conditions of the IMF should be met, so as to open opportunities for further funding of Ukraine’s economy”, Tombinski said.

G7 ambassadors came to Ukraine to meet with Ukraine’s top officials – President Petro Poroshenko, Premier Arseniy Yatseniuk and Parliamentary Speaker Volodymyr Greusman.

The urgent meeting took place due to yesterday’s loud statement by Minister of Trade and Economic Development Aivaras Abromavicius. The official said he resigns due to actions of some officials who stall on fighting corruption and implementing reforms in Ukraine. In particular, he mentioned the name of Ihor Kononenko, Deputy Head of Petro Poroshenko’s Bloc parliamentary faction. After Abromavicius’s statement, ambassadors of several Western countries said they were disappointed by his resignation.

After the statement made by the Ukrainian Minister, sources in the Ukrainian government surmised that Ukraine might not get the next IMF loan, which was expected in February this year. Ex-U.S. Ambassador Steven Pifer added that such decision will have negative impact on the foreign support for Ukraine.  

The four-year EFF program totaling about $17 billion opened in March 2015.The first tranche of $5 billion originally foresaw a quarterly revision of the program, the issue of another three tranches of about $1.5 billion each in 2015 and the decrease in quarterly tranches in 2016-2018 to $610 million.

Ukraine has so far received two IMF loans. Part of the sum went to cover the government expenses. Making the decision on providing the next loan, the IMF will assess how much of its commitments Ukraine fulfilled by late 2015. In case of positive decision, Ukraine might get the next loan in February 2016.

Earlier, during the World Economic Forum in Davosa, Switzerland, President Poroshenko said that in 2016, Ukraine expected to get the IMF loan in the amount of USD 7 billion. 

Related: Ukrainian government expects to receive 3d tranche from IMF

Related: To be or not to be: IMF and granting Ukraine a loan

Related: EU, IMF leaders positively assess course of reforms in Ukraine, - Poroshenko

Related: Ukraine expects USD 7 billion-large IMF loan, - Poroshenko

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