23 February, 10:08

Russia backs IMF conditions for Ukraine cash injection

Russia backs IMF conditions for Ukraine cash injection

Russia has upheld the requirements that the International Monetary Fund (IMF) has demanded from the crisis-ridden Ukraine. This is according to Russia’s Finance Minister Anton Siluanov. He said the group of 20 finance ministers had met on the sidelines of their economic forum to discuss opportunities of IMF granting Ukraine loans.

Siluanov said that Russia had agreed with demands that came together with cash injections.“We have previously talked with Ukraine’s economic authorities about the importance of reforming the [national currency] Hrivna rates to make them more flexible, as well as about cutting subsidies, revitalizing the budget and changing domestic [gas] tariffs,” the minister said.

“I think all these issues will stay on the agenda,” he added. ‘We shall see what stance the new government will take.”

Siluanov also spoke favorable about the work of the IMF, saying Russia supported its policies. “The fund has a lot of experience helping countries that have problems with their budget and balance sheet. They have an entire toolkit at their disposal for this sort of occasions, and of course their experience will come in handy when dealing with Ukraine,” the Russian finance chief concluded.

Ukraine has been soliciting an IMF loan worth $15 billion for the past two years. In exchange, Kiev was asked to ease up its Hrivna rates, ratchet up energy tariffs and cut budget debt.

Voice of Russia, TASS

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