IMF concerned by increase in Ukraine''s external debt.

By bne IntelliNews June 10, 2010
The International Monetary Fund is concerned by the increase of Ukraine's external debt, Paul Thomsen, the head of the International Monetary Fund's European department has said. Thomsen expressed concern over the rapid increase of Ukraine's external debt, which, according to him, now constitutes 40% of the GDP, which could have a negative effect on the economic processes in the country, the press service said. President Viktor Yanukovych said at a meeting with Thomsen that he praised positive trends in the national economy. The head of state said that these trends of recent months had been bolstered by the rigid saving of funds and their effective use. The president stressed that the state budget for 2010 had been passed with a marginal deficit of 5.6%, as demanded by the IMF. He assured IMF representatives that if the IMF provides a loan to Ukraine, these funds would not be used to reduce the budget deficit. They will be spent to stabilize the financial situation in Ukraine.

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