KIEV (Pakistan Point News / Sputnik - 22nd August, 2018) Ukraine has to maintain its cooperation with the International Monetary Fund (IMF) to avoid failure to settle its financial debts, Ukrainian Prime Minister Volodymyr Groysman said on Wednesday.
"Failure to pay off the debt may lead to a default in Ukraine. It means halt of production, devaluation of hryvnia, inflation. We must protect our people from this, therefore, we need new borrowings to pay for the old ones," Groysman said at a cabinet meeting.
Groysman's statement comes ahead of a visit of an IMF mission to Kiev on September 6-19 to discuss recent economic developments and IMF financial aid to Ukraine aimed at restoring economic stability in the country.
Oleg Churiy, the deputy governor of the Ukrainian National Bank, said earlier in August that in fall, Kiev could receive the fifth tranche of loans from the IMF provided that the visit of the IMF mission to Ukraine went successfully.
The IMF 2015-2019 aid program under the Extended Fund Facility (EFF) provides for the allocation of $17.5 billion to Ukraine. Kiev has already received four tranches of credit.
