Ukraine Counts on IMF Aid to Mitigate Coronavirus Shock - Finance Minister

KIEV (Pakistan Point News / Sputnik - 13th April, 2020) Ukrainian Finance Minister Serhii Marchenko warned lawmakers on Monday that the eastern European nation needed to borrow from the International Monetary Fund to weather the coronavirus crisis.

The parliament passed amendments to the budget plan earlier in the day, setting aside $2.4 billion in funding for coronavirus response and a post-crisis economic stimulus program.

"This budget includes money that will be loaned by international financial organizations, such as direct budget support from the IMF.

The support of our international partners is crucial if we want to fully cover our expenses, primarily on salaries for doctors, social protection, infrastructure," Marchenko said.

The minister said earlier that a failure to secure a $8 billion credit line from the IMF would not cause Ukraine to default but would make the matters worse. Creditors expect Ukraine to pass a banking reform bill after it lifted the much-disputed ban on land sales, two of the last hurtles to unlocking the loan.