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IMF chief says 'extremely encouraged' by Ukraine reforms 07 сентября 2015, 13:34

IMF chief Christine Lagarde heaped praise on Ukraine's reform efforts in a visit to Kiev following a deal to restructure the country's debt burden.
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IMF chief says 'extremely encouraged' by Ukraine reforms IMF chief says 'extremely encouraged' by Ukraine reforms

International Monetary Fund (IMF) chief Christine Lagarde on Sunday heaped praise on Ukraine's reform efforts in a visit to Kiev following a deal to restructure the country's debt burden, AFP reports.

"I'm extremely encouraged by the progress that you have been achieving (over) the past few months," Lagarde said at a press conference alongside Ukrainian President Petro Poroshenko.

"As I told you in a previous discussion, Ukraine has surprised the world."

Lagarde added a few words of caution, though, saying, "This is not the end of the road. You started the journey... reform is a process." 

On August 27, four commercial lenders agreed to a 20 percent write-down on their portion of Ukraine's sovereign and sovereign guaranteed debt.

The accord provided "immediate debt relief" of around $3.6 billion (3.23 billion euros), according to Ukrainian finance ministry figures.

The deal also extended repayment of $11.5 billion by four years, and allowed Kiev to avoid what otherwise would have been inevitable default.

That achievement keeps global credit markets open to the cash-strapped ex-Soviet state.

The IMF and United States put bondholders under intense pressure during the five-month negotiations to accept short-term losses in return for preventing Ukraine's pro-Western leaders from being forced into resuming their reliance on Russia.

The IMF said the deal will help the government reduce costs as required under a $40 billion rescue programme it designed earlier this year.

The agency will send an assessment mission to Ukraine later this month to monitor compliance with the programme, Poroshenko said.

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