Yatseniuk: extension of financial aid from IMF will enable Ukraine to defend default
The expansion of Ukraine's IMF financial assistance is required to help defend default, which hung over the country, said Prime Minister of Ukraine Arseniy Yatsenyuk.
The IMF and the Kyiv on Thursday announced a preliminary agreement to expand the current program of financial aid Fund to 17, $ 5 billion for a period of four years. The total amount of financial assistance from the IMF and from other sources for 4 years could reach $ 40 billion. It is assumed that the decision of the Executive Board of the IMF will be made over the next 4 weeks.
"Forty billion dollars is what Viktor Yanukovych for 3 years took their external liabilities. If we are not given the means to repay foreign liabilities, which we didn't take, the country then gets into a very bad situation in the economy. Very often it is called by default. For this reason, our partners have provided us with assistance, " said Yatsenyuk in an interview to Ukrainian TV channel
He added that part of the money that Kiev hopes to receive from the IMF, will go to replenish the gold reserves of the national Bank of Ukraine.