WASHINGTON D.C – After the approval of the new program with the IMF, Ukraine has risen to second place in the world in terms of debts to the fund, overtaking Greece and almost equaling the leader of the ranking – Argentina. Such a conclusion can be made by looking the data of these countries on the website of the Fund. Strana reports the following:
Given the allocation of the promised 3.9 billion dollars, Kiev’s debts to the IMF will be 14.1 billion. Greece, which is now in third place, has a current debt of 11.6 billion, while Argentina has 14.6.
That is, Ukraine has about half a billion dollars left to be in first place among the debtors anti-rating.
If we take into account only the tranche promised in December – $ 1.4 billion – then Kiev simply shares second place with the Greeks. Both countries have 11.6 billion in debt.
Recall: Ukraine will receive this tranche under the new 14-month stand-by program, which in September of this year replaced the previous program with $ 17.5 billion EFF (it was supposed to end in March 2019). The formal explanation is that the stand-by is given to countries that have “come out of the default state”, so for us this is a kind of plus. But in fact, according to experts, the IMF simply decided to “reset” relations with the Ukrainian authorities.
The money under the old credit program was allocated irregularly and with great problems, also because of the “intractability” of our authorities.
The main “beacons” of the IMF, in particular, the opening of markets, the full launch of the anti-corruption courts, and similar reforms have not been implemented. Ukrainian politicians reacted more responsibly to the new tranche.
It should be noted that by the end of 2018, the IMF revised the forecast for Ukraine’s GDP growth and reduced it to 3.3% from the expected 3.5% in October.
Earlier , Strana figured out what Ukraine would spend the IMF loan on, and what ordinary citizens and businesses would end up with.