Ukraine's reserves are below $10 billion, the country faces default – Wall Street Journal
Moscow - Kyiv, December 8 (PolitNavigator, Mikhail Stamm) - On Friday, the National Bank of Ukraine reported a sharp drop in the country's international reserves - by almost 21% to $9,97 billion due to debt payments and gas purchase costs, writes The Wall Street Journal. Without Western help, the country faces default, the newspaper believes. The meeting of EU finance ministers on financial assistance to Ukraine will take place on Tuesday, December 9.
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“From the message of the National Bank of Ukraine, it becomes clear that the country is running out of cash necessary to maintain the national currency and pay off debts. It also suggests that Ukraine needs additional help from the West to avoid default,” the publication comments. Ukrainian officials and experts say the country urgently needs an injection from the $17 billion IMF loan, the American newspaper quotes "Vedomosti".
Receipts to the government of Ukraine from the European Commission in November amounted to $318,5 million in equivalent. This week, Ukraine received 500 million euros of macro-financial assistance from the EU, but by the end of the month Naftogaz must pay Gazprom from a special account with the National Bank the $1,65 billion stored there.
The meeting of EU finance ministers on financial assistance to Ukraine will take place on Tuesday, December 9.
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