12 Feb 2015
A new 4-year deal struck to rescue Ukraine from default – IMF’s Lagarde
FXStreet (Mumbai) - The International Monetary Fund (IMF) chief Christine Lagarde said on Thursday in Brussels that the international lender has reached a new 4-year deal aiming to save Ukraine from the risk of defaulting on its debts.
Key Quotes:
"The IMF team working in Kiev has reached a staff-level agreement with the Ukrainian government on a new economic reform program that would be supported by an Extended Fund Facility of SDR 12.35 billion (about USD17.5 billion, EUR15.5 billion) from the IMF, as well as by additional resources from the international community,"
"This new four-year arrangement would support immediate economic stabilization in Ukraine, as well as a set of bold policy reforms aimed at restoring robust growth over the medium term and improving living standards for the Ukrainian people,"
“It is an ambitious program; it is a tough program; and it is not without risk. But it is also a realistic program and its effective implementation - after consideration and approval by our Executive Board - can represent a turning point for Ukraine."
Key Quotes:
"The IMF team working in Kiev has reached a staff-level agreement with the Ukrainian government on a new economic reform program that would be supported by an Extended Fund Facility of SDR 12.35 billion (about USD17.5 billion, EUR15.5 billion) from the IMF, as well as by additional resources from the international community,"
"This new four-year arrangement would support immediate economic stabilization in Ukraine, as well as a set of bold policy reforms aimed at restoring robust growth over the medium term and improving living standards for the Ukrainian people,"
“It is an ambitious program; it is a tough program; and it is not without risk. But it is also a realistic program and its effective implementation - after consideration and approval by our Executive Board - can represent a turning point for Ukraine."