The reform of the IMF, which will enable Ukraine to continue financing when a sovereign debt default, one must gain a vast number of the ordinary on the Board of Directors of the Fund, votes the Russian Federation will not be enough to block this reform, said Last news on the sidelines of the conference, Russia Direct the Director of IMF from Russia Alexei main.
"here we have a simple overwhelming numbers, Russia has only 2, 5%. For this reason, I expect that the reform will be adopted. But it is assumed not a single discussion on the matter, " said he, answering the Question Last news , could block reform in the IMF to force Ukraine to meet commitments in terms of repayment of Eurobonds purchased by Russia.
Morin said that Russia in this case has no veto.
Russia refused to restructure the Ukrainian Eurobonds for $ 3 billion, the period of redemption which is the end of December 2015. The Ukrainian government treats the debt to Russia in $ 3 billion commercial since it was formed as a result of redemption of bonds to the Irish stock exchange. Ukraine made a proposal to the Russian Federation, like Other creditors, a credit for 20% less, and some years after payment of the IMF.
Commercial creditors agreed to a partial debt write-off, as subject to the discount at which the bond is purchased (up to 40%), they find themselves in the black. At the same time, Russia has redeemed Eurobonds of Ukraine for the total Price on the low market, using its reserves of national welfare Fund.
Although the IMF informs that until not decided on the status of Russian debt, according to the rules of the Fund, the instrument does not matter. Status is qualified by the purchaser. So, accelerate the progress of reform, which was announced 5 years ago, indirectly alleges that the debt of Ukraine to Russia national. Before the experts also agreed that the speeding up of reforms in the IMF associated with the Fund seeking to save Ukraine.
The Agency Tuesday citing a source informed that the Russian Federation is currently looking for options to block the next tranche of the IMF Ukraine, If that will allow a debt default. However, officials of the Russian Federation spoke about this possibility. Thus, the Minister of Finance Anton Siluanov didn't exclude that the Russian Federation may exercise its right to a sovereign borrower, and to require the Foundation to recognize the program of payment of Ukraine is untenable.
If the reform will be approved before December and the Director agrees to apply to her first contract, Russia will lose that right. Another possible solution of the issue, Russian officials called the case to international court.
A revision of the policy of the Fund, at the request of its commissioners can be considered in the near future by the Board of Directors in November (it usually takes place in the third week of the month).