IMF: No need for restructuring of the Ukrainian debt
The International Monetary Fund, which on Thursday (27/03) approved a package of financial assistance for Ukraine, announced that at this time there is no need to restructure the country's debt.
"We don't apply programs, which aren't considered viable" the IMF spokesman Bill Murray told reporters. "So the fact that we are proceeding with the program suggests that at this moment we aren't considering a debt restructuring" he added and said that the new Ukrainian government is committed to proceed with economic reforms: "We have talked widely with Ukrainian officers about the whole range of policies. The Ukrainian authorities have expressed publicly and in private a strong desire to put their finances in order".
Earlier, the IMF had announced that it will provide assistance of 14 to 18 billion dollars in Ukraine in two years, so it could help the country stabilize its economy. However yesterday the Ukrainian Parliament failed in its first attempt to pass a bill which included the measures called for by the IMF. This bill, which was tabled by the Prime Minister Arseniy Yatsenyuk, didn't gather the necessary votes, but the members of the Parliament continue to consult in order to find a compromise. Furthermore, last Wednesday Kiev announced that it will raise the price of natural gas for residential customers by more than 50% from May 1, while for industries the increase will be around 40% and will apply from July 1, based on a request by IMF.
