Vice PM Tihipko: IMF deal may give Ukraine three years of financial stability.

By bne IntelliNews July 7, 2010
The cooperation with the International Monetary Fund (IMF) will allow the state and private Ukrainian borrowers to significantly reduce the cost of external borrowing, Vice PM Serhiy Tihipko said. In addition, he said that "negotiations for funding will be unblocked with the World Bank, the European Union and the European Bank for Reconstruction and Development. After all, for foreign creditors, the agreement with the IMF will signal that the economy is ready for the target use of foreign investments". An IMF mission, which worked in Kyiv during June 21-3 July, will propose to the Executive Board to provide Ukraine with a 2.5-year stand-by arrangement in the amount equivalent to SDR 10bn (USD14.9bn). In cooperation with the IMF, said Tihipko, Ukraine will implement fiscal and monetary reforms, deregulation of business and financial sector reform. In particular, it will reinforce the independence of the National Bank, empower the Deposit Insurance Fund and hold another round of recapitalization of the Ukrainian banks.

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