President says Ukraine should resume full cooperation with IMF to get loans to upgrade gas transit system

14:08

The resumption of Ukraine's full cooperation with the International Monetary Fund (IMF) in the necessary condition for getting loans needed to modernize the country's gas transportation system (GTS), President Viktor Yuschenko has said.

"I would like to seriously warn, first and foremost, the participants in this project who are involved in bringing Ukraine's economic, social and budget policies in line with IMF requirements. The resumption of full cooperation with the IMF is the necessary condition for international financial institutions to provide our country with loans required to modernize the national gas transportation system," he said in an interview with the Dzerkalo Tyzhnia (Mirror of the Week) newspaper published on Saturday.

Yuschenko said that the absence of full cooperation with the International Monetary Fund worsens Ukraine's chances to get loans from other international financial organizations.

"It will be hard to get financial aid from the EBRD, the World Bank, and the European Investment Bank, needed to modernize our GTS if a mutually acceptable format of the country's relations with the IMF is not restored," he said.