Ukrainian deputy PM denies IMF withholding loan

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Ukraine's deputy prime minister, Hryhoriy Nemyrya, denied reports that the International Monetary Fund has withheld a regular installment of its $16.4 billion loan to the ex-Soviet state.

Ukraine's deputy prime minister, Hryhoriy Nemyrya, denied reports that the International Monetary Fund has withheld a regular installment of its $16.4 billion loan to the ex-Soviet state.

"We are expecting a positive decision by the IMF Board of Directors on the allocation of the fourth tranche of the loan," he told the Unian news agency.

The New York Times reported Thursday that the IMF withheld the $3.5 billion tranche to Ukraine until after the presidential election due January 17. The paper said the decision reflected the global financial institution's "growing frustration over the inability of the country's politicians to get the budget under control."

Nemyrya said the information in the New York Times article was outdated.

The IMF approved the loan to Ukraine in November 2008. The financial institution has already provided three tranches worth $4.5 billion, $2.8 billion and $3.3 billion to country as part of a stabilization loan program provided by the IMF to stabilize its economy, which had been seriously hurt by the current economic meltdown.

An IMF mission worked in the country's capital Kiev October 12-24. It was supposed to establish whether Ukraine implements conditions for the loan. The fourth tranche was to be provided by the end of 2009.

MOSCOW, December 12 (RIA Novosti)

 

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