Ukraine to formalize part of debt on new stand-by program with IMF with promissory notes
The Ukrainian Cabinet of Ministers has authorized Minister of Finance Oleksandr Shlapak to sign promissory notes in the national currency in favor of the International Monetary Fund (IMF) under the new Stand-By Arrangement.
The corresponding decision is stipulated in Cabinet resolution No. 409-r of April 25, the text of which is posted on the government's Web site.
"[This revolution is] to authorize the minister of finance to sign nontransferable, non-interest promissory notes in the national currency in favor of the IMF under the Stand-By Arrangement with regard to borrowings payable to the national budget, as well as in the framework of increasing Ukraine's quota in the IMF," reads the document.
As reported, the IMF Executive Board on April 30 will consider the issue of a loan of an amount of $16.8 billion to Ukraine in the framework of cooperation under the stand-by program.
According to the plans of the Finance Ministry, to ensure payments on the government's foreign currency debts in 2014 it is planned to use IMF funds in the amount of $3 billion, the U.S. warranty of $1 billion, the EU funding worth $2.7 billion, a World Bank loan of $1 billion, as well as place eurobonds worth $1 billion and domestic currency bonds worth $300 million.
