The United States along with other Western countries prepared in the upcoming month change lending policies of international monetary Fund (IMF) in order to allow the Fund to continue financing of Ukraine in case of Russian default on the loan, writes the journal citing sources familiar with the plans.
"The IMF might consider changes at the end of November after the meeting of G20 leaders in Turkey," says the magazine.
currently have IMF policies prohibited for the Fund to provide loans to countries that have experience of overdue payments to other governments. And Ukraine has the risk to prevent a default on Russian bonds.
Ukraine in September launched a legal procedure for the restructuring of its public debt. The government of Ukraine was first included in the perimeter of restructuring and Russia bought Eurobonds for $ 3 billion. In Kyiv they are considered commercial, And not public credit. Russia repeatedly stating the position that to participate in this restructuring has no plans and will demand full repayment of Ukraine's Eurobonds in the beginning of winter this year. A high-ranking source in the Russian government had previously said that Russia will be forced to go to court if Ukraine fails to repay these Eurobonds.
"The stubbornness of Russia on the problem of the Ukrainian debt has prompted the IMF to speed up the process a formal review of the credit policy," said sources. The journal adds that the IMF is considering changes to its lending programs for several years, for this reason, this step is not specific to the Ukrainian situation. For example, in 2013, the Fund declared about the fact that the increasing role of developing countries in the global economy requires the organization to review policies.
The four-year Program of financial assistance to Ukraine was approved by the IMF Board on March eleven. The program provides for the allocation of Fund 17, 5 billion dollars, And all international creditors in four years - 40 billion us dollars. Ukraine this year has already received 6, 7 billion dollars In total aid provided in 2015, 10 billion dollars. This year allocated a further 2 trenches 1, 7 billion.