18:48 04.04.2017

IMF: decision of UK court on Russian debt has no effect on IMF cooperation with Ukraine

The Executive Board of the International Monetary Fund (IMF) has said that the decision of High Court in London in Russia's lawsuit regarding $3 billion bond debt has no effect on IMF's Extended Fund Facility (EFF) for Ukraine, according to materials published by the IMF.

According to the documents, on March 29, the UK High Court of Justice granted a summary judgement in favor of Russia regarding the $3 billion eurobond. The court also granted a stay on execution of the judgement until the next hearing, which is expected to take place in late May, as well as Ukraine’s request for right to appeal without any condition.

"The court’s decision does not alter staff’s assessment that the requirements under the policy on lending into arrears to official bilateral creditors have been met," the IMF said.

However, it remains important, as stressed in the staff report, that efforts continue to achieve a negotiated agreement in line with program parameters.

In turn, head of the mission of the International Monetary Fund (IMF) in Ukraine Ron Van Rooden said at a phone conference on Tuesday that the Board would assess how Ukraine meets the Lending-into-Arrears Policy in all future reviews of the EFF.

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