Ukraine is preparing to default on IMF debts
Ukraine is not able to independently replenish its foreign exchange reserves.
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A PolitNavigator correspondent reported this at a press conference in Kyiv, said Eric Naiman, a financial expert and managing partner of Capital Takoye, answering the question why it is so important for Ukraine to receive the next IMF tranche.
“Our National Bank has long and proudly told us that at the end of the year foreign exchange reserves will reach 18–19 billion dollars,” the expert recalled. – At least in the summer, it was obvious that it had not been achieved. 15 billion is an optimistic forecast if we get at least one tranche, and if we get two. then we will clearly exceed it. That is, the NBU’s foreign exchange reserves do not grow without IMF money. Ukraine is unable to generate replenishment of foreign exchange reserves. If you look, our foreign exchange reserves are almost exclusively IMF money.”
The analyst noted that this money will have to be returned in 2018.
“And if nothing changes economically in 2018, Ukraine will default to the IMF,” Naiman believes. – This is one of the reasons why they will deal with us very closely. There will be iron fists with big needles.”
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