Siluanov: the decision by the IMF was made at the expense of Russia

Siluanov: the decision by the IMF was made at the expense of Russia


MOSCOW, December 8. The decision by the IMF to lift the ban on loans to countries with sovereign debt overdue was taken to the detriment of Russia and to legalize the possibility of Kiev to pay its debt, told journalists the Minister of Finance Anton Siluanov.

“Is made solely at the expense of Russia and to legalize the possibility of Kiev to pay its debt. Against this background, blatantly looks like the U.S. unwillingness to solve the issue of ratification of the agreement on the replenishment of the capital of the IMF, which would be very useful to solve the debt problems of Ukraine. Turns out it is much easier to change over the years formed the basic rules of the IMF to delay the decision to change the Charter of the Fund and its capitalization, which unsuccessfully has been for many years discussed in the top twenty than to decide on the merits of issues caught up in the defaulting countries implementing the IMF program”, – he said.

The Finance Ministry is preparing the documents to appeal in the court

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The IMF lifted the ban on lending to countries with overdue sovereign debt

The Finance Minister also said that the Ministry will enforce its rights as a creditor and is already preparing the documents to appeal in the court.

“We have made a step towards the proposed solution to the debt problem of Ukraine and appealed to the IMF because they knew that Kiev does not resolve its debt problems on its own. But we were offered to negotiate along with commercial creditors. It’s not constructive dialogue, the circle is closed. In these circumstances we have no other choice but to use all possibilities to protect their rights as a creditor. We are preparing the documents to appeal in court,” he said.

The IMF decision looks hasty and biased

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The IMF decision to lift the ban on lending to countries with overdue sovereign debt looks hasty and biased, said Anton Siluanov.

“Collapsing conditions, developed over the years, the rules of financing programs of the Fund have existed for decades and remained unchanged. Always sovereign creditor had priority over a commercial. The rules were reiterated and the specific role of the official creditor, which is especially important in times of crisis, when commercial lenders are turning away from the country and deprive it of access to resources. The decision to change the rules looks hasty and biased”, – he said.

Earlier Tuesday, the IMF Executive Board lifted the ban on lending to countries with overdue sovereign debt.

The Finance Ministry intends to initiate a meeting of the Board of Directors of the IMF to confirm the sovereign status of Ukraine’s debt – Siluanov.