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IMF Mission To Visit Ukraine

November 23, 1999

KIEV, Ukraine (AP) _ A delegation from the International Monetary Fund will visit Ukraine early next month to discuss the lending program with recently re-elected President Leonid Kuchma, IMF officials said Tuesday.

Ukrainian Prime Minister Valery Pustovoitenko said that IMF Managing Director Michel Camdessus would arrive in Kiev at the tail end of the mission, scheduled for Dec. 2-16, the Interfax and UNIAN news agencies reported.

The IMF has held up further disbursements of its $2.6 billion loan program to Ukraine pending progress on economic matters that include a draft 2000 budget with a sufficient surplus, and the freeing-up of utility prices.

The Ukrainian government faces a mounting task of tackling its $3.1 billion in foreign debt payments next year, while the Central Bank’s hard-currency reserves amount to a meager $1.2 billion.

The IMF is the key source of foreign revenue for Ukraine and without the renewal of the fund’s loans, the country may be unable to restructure its foreign credits, Pustovoitenko said.

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