Ukraine repays USD 1bn to IMF in August.

By bne IntelliNews September 12, 2012
In August, Ukraine has repaid USD 1bn out of its debt to the International Monetary Fund (IMF), the National Bank of Ukraine (NBU) has announced. The NBUs international reserves amounted to USD 29.994bn as of Aug 31, which is enough to finance imports of goods and services for 3.4 months. According to the National Bank of Ukraine, the average daily volumes of foreign-currency receipts from nonresidents increased in August, exceeding foreign-currency transfers to non-residents. This facilitated formation of a net foreign-currency supply on the interbank currency market and reduction of the net demand for cash foreign currency. The IMF continues to demand that the level of gas tariffs for the population must match up the level of prices for Russian gas. In early March, President Viktor Yanukovych has ruled out higher gas prices for the population to get the IMF loan. In October 2011, the IMF demanded Ukraine to raise the gas price by 32% for the population and by 56% for communal heating companies. The Fund said this requirement was one of the principal, fulfillment of which was necessary for revision of the Stand-by Arrangement program and disbursement of the next tranche of the credit of USD 1.5 bn.

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