Tigipko ‘Hopes’ To Persuade IMF To Make Delayed Ukraine Visit

KIEV, Ukraine -- Ukraine’s Deputy Prime Minister Serhiy Tigipko said the International Monetary Fund has delayed a visit to Ukraine because the government has yet to show it can meet the fund’s budgetary conditions.

Ukraine’s Deputy Prime Minister Serhiy Tigipko.

Tigipko, who on April 29 said the mission would arrive at the beginning of this week, told reporters in Kiev today the government “still has to prove its budgetary sources.

The international organizations do not believe that the government can raise enough revenue. But the dynamics we have now show that we will be able to get the revenue.” He said he hopes to persuade the IMF team to come.

Ukraine has agreed a loan with the Washington-based fund to replace its two-year $16.4 billion credit approved in late 2008, Tigipko said last month. The IMF may lend Ukraine $19 billion in a 2 1/2-year program, according to Tigipko.

The fund says the government has yet to fulfill budgetary and financial terms of its existing program and hasn’t confirmed the new loan.

The former Soviet state has received $10.6 billion of the IMF’s current arrangement.

Ukraine wants a tranche in June and is working to obtain as much as $4 billion, Iryna Akimova, the first deputy of President Viktor Yanukovych’s staff, said on May 15.

Source: Bloomberg