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Ukraine's economy has been pushed close to
bankruptcy by a war with pro-Russian separatists in the east,
and economists have warned of debt writedowns if an existing IMF
loan program is not beefed up to plug a estimated $15 billion
funding gap.
"The IMF team is in Kiev and I am hopeful we'll have a deal in
the very near future. Once they leave, we would like to see an
approved program within a month or so," Yaresko told Reuters on
the sidelines of the World Economic Forum.
When asked if $15 billion would be enough to pull Ukraine out of
economic crisis, Yaresko emphasized the urgent need for an IMF
decision.
"The main thing is that we need a decision. And front-loading is
very important. Any number, if it is dribbled out over a long
period of time, might not be sufficient."
The existing IMF package, agreed in April last year, is worth
$17 billion and has so far paid out $4.6 billion in two tranches.
The collapse in Ukraine's hard currency reserves to just enough
to cover five weeks of imports is threatening to force Ukraine
into extending debt maturities or even writing down government
debts, but Yaresko said: "It is our intention to meet our
obligations."
The IMF, along with Ukraine's other Western backers including
the European Union, has said that any extra financial help will
hinge on Kiev's ability to implement long-promised reforms.
"We are grateful that Europe is standing side-by-side with us.
Would we like more support? Yes," Yaresko said.
Ukraine's foreign currency reserves stand at $7.5 billion, while
its debt obligations this year total around $10 billion,
including corporate and sovereign loans and bonds.
(Writing by Alessandra Prentice; Editing by Kevin Liffey)
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