Monday, August 22 2016 19:30 EEST
Ukrainian Finance Minister has not ruled out budget cuts in case cooperation with IMF is reduced
Ukraine, IMF, International Monetary Fund, tranche, August, program, economy, money, e-declaration, not included, corruption, measures, budget cuts, reforms, loan, finances

Ukrainian Minister Oleksandr Danylyuk doesn't rule out budget cuts if no aid from IMF.

'The shortfall of external financing complicates the situation. We will be forced to take extremely unpopular measures, including a reduction in budget spending,' the minister stated, Unian reports.

He said the government is hoping for a base-case scenario – the arrival of an IMF tranche and further implementation of the program.

'Cooperation with the IMF is a task not only for the current year, since the IMF doesn't simply support our reform program. Every IMF tranche is a clear signal for investors: there are changes and they may invest in Ukraine,' the minister said.

Without the IMF, Ukraine will not be able to get US$1 billion in loan guarantees from the United States, EUR 1.2 billion in macro-finance assistance from the European Union and loans from European partners for gas purchases.

As reported earlier by, Poroshenko: Ukraine will soon receive the next tranche of financial aid from EU.

latest news