IMF mission in Kiev to assess economic situation in Ukraine

A mission of the International Monetary Fund (IMF) has arrived in Kiev to assess the situation in the country and discuss economic reforms on which its aid depends.

The mission led by Nikolay Georgiev of Bulgaria will stay in Ukraine until March 14, sources from the IMF office in Ukraine say. The director of the IMF European Department, Reza Moghadam, is part of the mission. The latest visit of an IMF mission came in October 2013. On Monday, the parliament approved Prime Minister Arseniy Yatsenyuk said at a meeting with members of the European business association that Ukraine would meet all IMF requirements. “This government will meet all IMF terms for the simple reason that we have no other way out,” the prime minister said. Energy Minister Yuriy Prodan said the Ukrainian side would discuss with the mission a rise in gas tariffs in Ukraine among other issues. At the same time, the minister said he could say nothing at the moment about “the schedule of tariff raising”.

The latest memorandum between Ukraine and the IMF was signed in the summer of 2010, when the IMF opened a new financing program for Kiev to the amount of 15.5 billion dollars. However, Ukraine managed to get only the two first tranches worth three billion dollars. The program was suspended for Ukraine’s failing to comply with IMF requirements.