Ukraine may be left without an IMF loan
Kyiv, August 18 (Navigator, Yuriy Kovalchuk) – Ukraine’s economic situation is deteriorating, while the second tranche of the International Monetary Fund (IMF) loan, expected from July, is postponed until September. The IMF is reviewing the assistance program taking into account changing macroeconomic indicators in the country and demanding urgent reforms from the government, but the Verkhovna Rada is slow to adopt them.
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As Nezavisimaya Gazeta reports, Ukraine has not yet fulfilled at least one obligatory condition for receiving money. According to the requirements of the IMF, by August 16, Ukraine had to adopt a law on the restructuring of foreign currency loans of the population, with amendments from the fund.
The bill provides for the restructuring of loans in the amount of up to UAH 1 million, which were repaid on time before January 1, 2014. Loans will have to be transferred at the rate in effect on the day of restructuring, that is, about 12-13 UAH per dollar. At the same time, the interest rate, which is lower for foreign currency loans than for hryvnia loans, is proposed to be left at the same level.
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