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Behind by a whole generation. Ukraine IMF predicted decades of poverty

Behind by a whole generation. Ukraine IMF predicted decades of poverty

Tags: Ukraine's economy, the IMF, Credit, Debt

Isolation of the International Monetary Fund (IMF), the next tranche of Kiev will be linked to the settlement of the issue of the debt of Russia to catch up in terms of development with European countries, Ukraine will take decades. On this, as reported by TASS, he said on Wednesday, December 14, the head of the recent IMF mission in Kiev Ron van Ruden.

The IMF representative said that Ukraine's GDP per capita is only 20 percent of the European average and three times lower than in neighboring Poland and Romania. According to him, even if the pace of economic growth to 4-5 percent per year Ukraine "need a whole generation" to catch up with its neighbors in Central and Eastern Europe.

Speaking about providing tranche Ukraine Ruden noted that the delay Eurobond always taken into account when deciding on the matter. He urged Ukraine and Russia to find a solution to the debt problem.

The IMF representative also said that the allocation of credit tranche Ukraine will be possible not earlier than the beginning of the year 2017. He explained that while the authorities in Kiev have not done enough to provide funds. "We expect the adoption of the new budget, it is entered in the agenda of the Parliament for the next week. Hopefully, early next year, when the necessary conditions are met, the question will be put before the IMF Board of Directors ", - quotes RIA Novosti Rudena.

8 December the head of the National Bank of Ukraine Valeriy Gontareva recognized that the next tranche of the IMF will arrive only in January and February 2017 years. In late November, she said that a pause in the IMF program for financial support of Ukraine will lead to loss reserves and create risks to macroeconomic stability. She noted that the country is living a half years in a stable macroeconomic environment, but without the help of the IMF, "we begin to lose [her] every day."

In October, the IMF issued a memorandum of cooperation with Ukraine. The document, in particular, that Kiev has pledged to take until the end of the year 2016 the law on pension reform, as well as to review the tariff policy housing and communal services - in these conditions it is possible the continuation of financial assistance programs.

Ukraine has expired sovereign debt (the IMF recognizes the public loan) to Russia. Moscow issued a loan to Kiev in December 2013 years, when the country's president was Victor Yanukovych. Money allocated through the purchase of Ukrainian Eurobonds.

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