IMF ready to back Ukraine's efforts aimed at economic growth

16:39

The International Monetary Fund (IMF) is ready to support Ukraine's efforts aimed at economic growth, IMF Resident Representative in Ukraine Max Alier said after meeting with Vice Premier Sergiy Tigipko on Friday.

"We had fruitful discussions on the government's economic policy priorities for 2010, which includes re-engagement with the Fund. Mr. Tigipko requested an IMF mission to resume policy discussions. I indicated that the Fund stands ready to support Ukraine in its endeavor to return to a sustainable growth path, and that I will relay the request for a mission to our headquarters, and consult on next steps," he said.

The press release says that "in the meantime as part of our preparatory work, an IMF staff team will visit Kyiv next week to join the Resident Representative office in technical meetings on the budget."

As reported, the IMF in autumn 2008 decided to disburse about $17 billion under the SBA. Since then, Ukraine has already received three tranches worth almost $11 billion.

The allocation of the fourth tranche, worth $3.8 billion, was scheduled for November 2009 following the third review of the IMF's cooperation program with Ukraine. The IMF mission ended its work in Kyiv late in October 2009, but did not issue a positive statement on the completion of the review. The IMF said repeatedly that it expected a consolidated position from the Ukrainian authorities in the question of implementing anti-crisis measures.

Speaking at a press conference in Washington on January 14, 2010, IMF Managing Director Dominique Strauss-Kahn stressed the possibility of resuming cooperation with Ukraine under the Stand-By Arrangement (SBA) after the presidential election in Ukraine was over.

Prime Minister Mykola Azarov has already ordered Finance Minister Fedir Yaroshenko to urgently draft the state budget for 2010 and said that it should be tabled in parliament by April 11.