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Ukraine may borrow up to $15bn from IMF

Stefan Wagstyl
Financial Times [1]
Thursday, Oct 16, 2008

Ukraine may borrow between $10bn and $15bn from the International Monetary Fund to “strengthen its position” during the global financial crisis, the country’s deputy Central Bank governor Oleksandr Savchenko, said on Thursday as an IMF delegation arrived Kiev.

“We may not need all of the sum. We’re now meeting with IMF representatives, examining the situation, and are deciding how much money we need.’’ Mr Savchenko said in a telephone press conference.

Ukraine may sign the agreement as soon as next week, added Mr Savchenko, who headed the country’s delegation at the IMF’s annual meeting in Washington last week.

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Officials in Kiev said they were seeking to shore up confidence in their under-pressure economy. But they insisted that the economy remained in good shape, accusing western experts of exaggerating the risks facing Ukraine, and saying the IMF delegation would be in Kiev for one week “to personally study the situation”.

Bogdan Danylyshyn, economy minister, said: “Altogether, Ukraine’s macroeconomic situation is not dangerous.”

Full article here [1]