The IMF thought about the resolution not lending servicing debt


Moscow. December 7. The Executive Board of the International monetary Fund on 8 December, will consider the issue of changing the organization’s policy against countries in arrears to official creditors.

Politics of IMF lending (Lending-into-Arrears Policy) currently excludes the possibility to provide funding member country of the Fund in arrears to the lender. Removing this restriction will allow the Fund to continue lending to Ukraine under the current program of the expanded financing, even if Kiev will be in default before Russia released in 2014 Eurobonds worth $3 billion.

The issue of the reform of the policy Lending-into-Arrears Policy is included in the agenda of Council meetings, posted on the IMF website.

Revision of credit policies is likely to occur in two phases, said before the official representative of the IMF Jerry rice. First passes an informal meeting of the Board of Directors (it is, according to the Agency Bloomberg, took place on 23 November), then formal.

The IMF to date have not determined the status of Eurobond issue, which was released by Ukraine in favor of Russia (commercial or official).

Russia will give Ukraine to court if the borrower does not fulfill its obligations on Eurobonds on December 20, a statement from the Ministry of Finance of the Russian Federation, released on Saturday.

“Despite the absence of an official request of Ukraine to the government of the Russian Federation on the issue of restructuring sovereign debt by 3 billion dollars, Russia has made a proposal to the installment of repayment of the Ukrainian debt for 3 years (2016-2018 years) under guarantees of the USA, EU or international first-class financial institution,” reads the statement.

“We have offered terms even better than was requested by the international monetary Fund. This week we received an official refusal from the U.S. government to provide guarantees for the obligations of Ukraine. In this regard, we have no choice but to sue Ukraine in the event of default by the borrower of the obligations in full on 20 December of the current year, which would mean a sovereign default of Ukraine”, – stated in it.

Obtaining by Ukraine from the IMF of the next credit tranche is also dependent on the adoption of the state budget for 2016, corresponding to the parameters of the program Fund, tax reform and the implementation of structural measures.