12:48 11.12.2014

Yatseniuk: Ukraine needs an additional $15 bln to avoid default in 2015

1 min read
Yatseniuk: Ukraine needs an additional $15 bln to avoid default in 2015

In order to avoid default in 2015, Ukraine needs to receive additional financial aid from the International Monetary Fund (IMF), Ukrainian Premier Arseniy Yatseniuk said.

"We received $9 billion of international financial aid from the IMF, World Bank and other financial institutions. We have repaid $14 billion's worth of debt. Next year we need $15 billion in addition to the program already agreed with the IMF [according to Financial Times edition]," he said during a presentation of the government's action program at the Verkhovna Rada on Thursday.

The premier stressed that without the help of international partners it would be practically impossible to overcome Ukraine’s current economic situation, and to restore economic growth by 2016.

"In order to prevent a default, we need an international donor conference," the premier said.

On October 10, IMF Managing Director Christine Lagarde said that Ukraine would need additional bailout financing from outside the International Monetary Fund to keep the war-torn economy afloat.

The IMF mission is in Kyiv preparing the next tranche of payments, and is currently discussing the extension of the program.

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