Ukraine’s PM denies potential danger of country’s bankruptcy

Source : 112 Ukraine

He is expected to have his first conversation with German Chancellor Angela Merkel on May 12
11:12, 12 May 2020


Prime Minister of Ukraine Denys Shmygal claims that Ukraine is not in danger of bankruptcy amid the ongoing coronavirus pandemic. He made this statement in an interview with the German newspaper Handelsblatt on the eve of his online talks with German Chancellor Angela Merkel.

"In particular, Shmygal noted that he sees no reason for Ukraine's insolvency because his country is going to get a loan from the International Monetary Fund (IMF) in a total amount of five billion dollars," the newspaper said.

Due to the coronavirus crisis, Shmygal's visit had to be turned into a video conference between the heads of the two governments.

Related: Ukraine's economy is crumbling: How to stop it?

"Currently, the situation is not critical. Our current account deficit in March was 389 million dollars against 526 million dollars a year earlier. And with foreign exchange reserves of 25,7 billion dollars, we are in a better position. We also have about 2,3 billion dollars in treasury accounts. Thus, we are entering the crisis more stably than on the past events," Shmygal claimed.

As we reported earlier, in March 2020, the consumer inflation in Ukraine made 2.3 percent, thus somewhat slowing down in comparison with 2.4 percent in February. 

Related: IMF forecast: Damage to Ukrainian economy due to coronavirus pandemic

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