Ukraine has requested that the International Monetary Fund (IMF) restructure its debts, at the 2015 World Economic Forum in Davos.
The war-ravaged country has requested a “multi-year arrangement” with the IMF, a longer-term agreement to replace its existing $17 billion (€14.7 billion) “stand-by arrangement”, according to Christine Legarde, managing director of the IMF.
“Once we’ve come to an agreement with the IMF on the program, we will invite our sovereign creditors to consult with us on how we can work together to improve the medium term debt sustainability of the country,” Ukraine finance minister, Natalia Jaresko, said in a statement.
Legarde has indicated that she will consult with the IMF executive board on the request and, if the board agrees to proceed, the IMF mission in Kyiv will begin discussing the suggested policy program.
“Discussions are ongoing on official financing support from Ukraine’s international partners,” she said.
It is hoped that the arrangement will support macroeconomic stabilisation to restore sustainable growth in Ukraine.
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