Wednesday, March 11, 2015

Exclusive: IMF assumes Ukraine to get $15.4 billion from creditor talks | Reuters

(Reuters) - The International Monetary Fund's bailout program for Ukraine assumes Kiev will be able to get $15.4 billion from talks with its creditors, according to four sources familiar with the IMF's documents.

The assumption is necessary to ensure Ukraine's sovereign debt can fall to 70 percent of gross domestic product by 2020, a level the IMF would deem sustainable, according to three people.

Under its rules, the IMF cannot lend to countries unless it believes they will be able to pay back the money eventually.

Targeting a particular level for debt renegotiation, considering debt talks have not yet begun, points to the uncertainty surrounding the $40 billion international rescue package for Ukraine announced last month.

After a year of political upheaval and war, Ukraine's economy is in tailspin with a currency that just pulled back from record lows and the highest interest rates in 15 years.

Under the IMF program, Kiev must make deep changes to its energy sector and banking system, and tackle decades of corruption, even as it battles pro-Russia separatists in its eastern regions.

Complete story at - Exclusive: IMF assumes Ukraine to get $15.4 billion from creditor talks | Reuters

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