IMF Plans To Return To Ukraine Next Week For Loan Talks

WASHINGTON, DC -- An International Monetary Fund mission plans to return to Ukraine next week to discuss granting the country additional access to its credit facility in expectation fund-supported legislation will win parliamentary approval.

"The IMF has received strong assurances by the President and the Prime Minister about their intention to obtain parliamentary approval, during the week of April 13-17, of laws to strengthen the financial position of the pension fund and Naftogaz, and laws agreed with the IMF and the World Bank to facilitate the implementation of the bank restructuring strategy," the IMF said in a statement Friday.

Ukraine's Parliament passed a portion of an anti-crisis package earlier this week, with the goal of freeing up more of the $16.4 billion rescue loan the fund granted last fall.

However, lawmakers have delayed taking up other bills the fund has been pushing for, including measures to balance the finances of the pension fund and of state energy firm Naftogaz.

Ukraine has already received $4.5 billion of the IMF standby arrangement, but the fund halted a second $1.9 billion loan disbursement in February pending additional steps to rein in fiscal spending.

Source: Dow Jones