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2018-04-13 17:35:00

UKRAINE WANT $17.5 BLN

UKRAINE WANT $17.5 BLN

REUTERS- Ukraine's central bank left its main interest rate at 17 percent on Thursday, as expected, but warned that an improving outlook for inflation could be undermined if the International Monetary Fund delays in disbursing loans.

Over the past six months, the bank has kept monetary policy tight to curb stubbornly high inflation linked to higher food and oil prices and to government-backed increases in workers' wages and pensions.

The latest rate decision was in line with the consensus of a Reuters poll of analysts and follows a fall in annual consumer price increases to 13.2 percent in March from 14 percent in February.

"After four hikes of the key policy rate, the current monetary conditions are sufficiently tight to bring inflation back to its mid-term target," the central bank said in a statement.

The bank kept its inflation forecast for 2018 unchanged at 8.9 percent and raised its reserves forecast to $21.6 billion from $20.5 billion.

But it warned that all its expectations hinged on Ukraine sticking with its $17.5 billion programme with the IMF, which has expressed concern about perceived backtracking on reforms and delays in implementing policies to tackle corruption.

"The main risk to the said macroeconomic forecast is that there may be no progress in implementing structural reforms, which is required for maintaining macroeconomic stability and receiving loans from the IMF," the central bank said.

Deputy Governor Dmytro Sologub said the bank expected Ukraine to get the next tranche of loans in the third quarter, not in the first half, when it was originally expected.

Ukraine has received $8.4 billion so far from the IMF, helping it recover from a two-year recession following the 2014 annexation of Crimea by Russia and the outbreak of a Russian-backed insurgency in its industrial east.

But the need for further financing is acute as Ukraine faces peak payments on its foreign currency-denominated debt in 2018-2020.

"Any delays in taking the required steps to revive cooperation with Ukraine's official lenders narrows the country's opportunities to receive financing required for making public debt repayments," the central bank said.

There is a shrinking window for Ukraine to pass IMF-backed reforms ahead of presidential and parliamentary elections that will take place in 2019 at the latest. The current IMF programme also expires in March next year.

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Earlier:

 UKRAINE'S GAS PRICES WILL UP
2018, April, 2, 09:05:00

UKRAINE'S GAS PRICES WILL UP

REUTERS - The International Monetary Fund told Reuters on Friday Ukraine should allow the market to determine gas prices as promised under a $17.5 billion loan program, after the government extended a below-market level pricing system for households.

 

 EBRD BOUGHT UKRAINE: $12 BLN
2018, January, 29, 08:25:00

EBRD BOUGHT UKRAINE: $12 BLN

EBRD - He noted Ukraine continued to be one of the world’s most energy-intensive countries, three times more so than the EU average, and he said the country should focus on energy efficiency, diversifying energy sources and improving municipal services and infrastructure. The EBRD President referred specifically to the need for further improvements in governance. Progress had been made but corruption was still a barrier to foreign direct investment, he said. The establishment of anti-corruption institutions could make an important contribution to increasing transparency in the economy.

 

 IMF: UKRAINIAN CORRUPTION
2017, December, 11, 09:35:00

IMF: UKRAINIAN CORRUPTION

IMF - “I had a constructive and open discussion with President Poroshenko on Ukraine’s efforts to fight corruption, which is expected by the Ukrainian society and is critical to improve transparency and accountability and create the conditions for sustainable growth."

 

 WBG HAS UKRAINE
2017, October, 4, 23:35:00

WBG HAS UKRAINE

According to the World Bank’s Special Focus Note on reforming land markets, the moratorium on agricultural land sales, along with weaknesses in the transparency of land rights and transactions, are major impediments to attracting investment and unlocking productivity in Ukraine’s agriculture sector.

 

 UKRAINE'S SERIOUS SHORTCOMINGS
2017, April, 7, 18:30:00

UKRAINE'S SERIOUS SHORTCOMINGS

Ukraine has been urged to finalise gas sector reforms by Janez Kopac, director of Energy Community that regroups EU and non-EU states in Europe.

 

 

 WBG BOUGHT UKRAINE: $10 BLN
2017, April, 6, 18:30:00

WBG BOUGHT UKRAINE: $10 BLN

The World Bank’s current investment project portfolio in Ukraine amounts to about US$2.8 billion. Investments support improving basic public services that directly benefit ordinary people in areas such as water supply, sanitation, heating, power, roads, social protection and healthcare, as well as private sector development. Since Ukraine joined the World Bank in 1992, the Bank’s commitments to the country have totaled over US$10 billion in about 70 projects and programs.

 

 IMF: UKRAINE'S CORRUPTION
2017, April, 5, 18:35:00

IMF: UKRAINE'S CORRUPTION

Directors welcomed the creation of new anticorruption institutions, but strongly urged the authorities to strengthen these institutions further and to establish an independent anticorruption court to achieve concrete results, in order to support the reform program, attract investment, and achieve faster growth.

 

 

 

Tags: UKRAINE, IMF,