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IMF European Department chief to visit Ukraine

February 15, 2005 | Interfax

Michael Deppler, director of the IMF European Department, will visit Ukraine on February 16-18, the IMF office in Ukraine told Interfax on Tuesday.

Deppler will hold talks with the government to discuss cooperation prospects and review the economic situation in Ukraine.

On February 10, an IMF mission arrived in Ukraine and will remain there until February 21.

After Ukraine completed a four-year EFF program worth SDR 1.92 billion in September 2002, a new precautionary standby program was agreed with the IMF in March 2004. It was to be carried out in 12 months, with the program costing SDR 411 million, or about $605 million.

Meanwhile, in early August, the IMF suspended the program because Kyiv had failed to meet a number of its commitments to the fund, primarily concerning fiscal and banking policy.

Since it began cooperation with the IMF in 1994, Ukraine has received SDR 3.01 billion, and paid out SDR 2.56 billion.

The last time Ukraine received funds from the IMF was in September 2001, when SDR 290.8 million was loaned under the Extended Fund Facility program.

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