12:12 29.09.2017

Ukraine should fight for new IMF tranche, decide on land reform – MP Kononenko

Ukraine should fight for new IMF tranche, decide on land reform – MP Kononenko

Ukraine has met the key conditions for receiving the new tranche from the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) and it is appropriate to finish work and receive the tranche, while the new prospects for financing will mainly depend on the decisions on the land reform, First Deputy Head of the Petro Poroshenko Bloc parliamentary faction Ihor Kononenko has said.

"$1 billion [of the tranche] which we want to receive this year. We should take it and place to the reserves… this year we actually met all the conditions for receiving the tranche. We need to vote for the pension reform and the national budget," he said in an interview with Interfax-Ukraine.

Kononenko said that the IMF approved the model of the pension reform proposed by Ukraine and maybe the fund would recommend it to other countries.

"Now we have found a model which suited our international partners, first of all the IMF, and which can pass the parliament," he said.

Kononenko said that the IMF is satisfied with the macroeconomic figures of the draft national budget submitted to parliament. He believes that the voting for the budget would allow receiving the tranche at the end of this year.

"As for the next year, we should think a lot. The most problematic condition is the introduction of the land market and the adoption of the relevant package of bills was postponed for next year," he said.

He expressed confidence, using the pension reform as an example, that the model that would suit both the IMF and the parliament could be found.

"We need professionalism of the agricultural minister, whom we do not have in fact [Agricultural Policy and Food Minister of Ukraine Taras Kutoviy filed for resignation], the finance minister and the prime minister with international institutions to create this model. I hope that next year this model for selling land would be successfully shaped," he said.

Commenting on Ukraine's return to the foreign capital market, Kononenko said that this was success, as the country managed to partially restructure its debts, cut the rate from 7.75% to 7.375% and five a good signal for investors.

"This is a reason for new more successful corporate placements and maybe municipal placements. Today most of local budgets have surplus, and I do not think they need to borrow," the lawmaker said.

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