- Saturday 18 Jan 2020
IMF and Ukraine reach tentative USD 5.5 billion aid deal
PTI, Dec 8, 2019, 10:45 AM IST
Washington: The International Monetary Fund said Saturday it had reached a “staff-level” agreement with Ukraine on a new $5.5 billion, a three-year aid program for the war-scarred country.
IMF Managing Director Kristalina Georgieva said she was “pleased to note that IMF staff has reached an agreement with the authorities” on the deal, adding it was “subject to IMF management approval.”
Georgieva said she spoke by telephone on Saturday to President Volodymyr Zelensky and commended him on “impressive progress” on reforms and “sound economic policies.”
“The President and I agreed that Ukraine’s economic success depends crucially on strengthening the rule of law, enhancing the integrity of the judiciary, and reducing the role of vested interests,” she said.
She added that it was “paramount to safeguard the gains made in cleaning up the banking system and recover the large costs to the taxpayers from bank resolutions.”
The IMF and other international donors have repeatedly pressed Kiev to attract much-needed investment by addressing pervasive corruption and reducing the power of oligarchs.
But bankers and analysts said they fear the current authorities are targeting former bankers who have helped clean up the market instead of the oligarch owners of banks that go bankrupt.
At his inauguration in May, the 41-year-old president — a former comedian — urged people with Ukrainian heritage to return home and help build a “new, strong and successful Ukraine.” The country is in the spotlight due to the impeachment proceedings against US President Donald Trump.
Trump is accused of abusing his office by pressuring Ukraine to find dirt on former US vice president Joe Biden, his potential challenger in the 2020 election.
The White House maintains Trump was simply encouraging the new government of Ukraine to rein in corruption.
More than 13,000 people have been killed in Ukraine’s conflict with Russian-backed separatists in the industrial east which broke out shortly after Moscow annexed Crimea in 2014.
Islamabad: Pakistan's Supreme Court has returned the petition of self-exiled former dictator Pervez Musharraf against his conviction and sentencing by....
Naypyidaw: China and Myanmar are set to ink mammoth infrastructure deals following a meeting on Saturday between President Xi Jinping and fallen right....
Piaracu: Brazilian President Jair Bolsonaro's pledge to open up the Amazon to mining companies was tantamount to "genocide", indigenous leaders said F....
Washington: President Donald Trump on Friday warned Iran's supreme leader, Ayatollah Ali Khamenei, to be "very careful with his words." "The so-cal....
Beijing: The number of people infected by a mystery SARS-like virus that has killed two people in China is likely hundreds more than officially report....
Ahmedabad: An RSS functionary here has lodged a complaint with Ahmedabad police against unidentified persons for allegedly circulating a "fake and mis....
Bengaluru: A day after Bengaluru police nabbed a six-member gang, alleged to be Social Democratic Party of India (SDPI) activists, in connection with ....
Kasargod: The dead body of a woman reported to have gone missing was found from near Shiriya bridge of Kumbale in the district on Saturday, January 18....
Kannur: GMR Airports Ltd has bagged the contract for duty-free shops at Kannur international airport in Kerala. Kannur airport began commercial ope....
New Delhi: If rumour mills are to be believed, veteran banker K.V. Kamath of Mangaluru origin is likely to be inducted as Minister of State in the Fin....