Gontareva stressed the risk of loss by Ukraine of the support of international lenders

Гонтарева подчеркнула риск потери Украиной поддержки международных кредиторов

The head of the NBU Valeria Gontareva

Fragile macroeconomic stability in Ukraine is based on cooperation with the international creditors, there is a high risk that because of slow implementation of reforms, Ukraine will be deprived of the next tranche from the IMF, which increases the risk of loss of reserves next year. This was stated by the head of the NBU Valeria Gontareva during the briefing on November 24, the broadcast led the TV channel “112 Ukraine”.

“Ukraine is under threat of losing the support of international organizations, I can say this. This year, three times we have changed our forecast for foreign exchange reserves. Now our base-case forecast for foreign exchange reserves to 17.5 billion dollars but this forecast includes 600 million from the EU and 1.3 billion from the IMF. Unfortunately, we have a very high risk that we will not get this next tranche of this year and we will again have to change our forecast,” – said Gontareva.

According to her, the termination of cooperation with international lenders could result in the loss reserves of the country in 2017.

“I want everyone to know that we have reserves today, 15.5 billion dollars, but we start to lose these reserves every day and the fragile stability that we have received in our country, when we live more than 1.5 years in a stable macroeconomic situation, we will begin to lose every day. Therefore, these flirtations with populism, the political innuendo, they are undermining our government, undermining macroeconomic stability of our country”, – said the head of the NBU.

Related news: the conclusions of the mission IMF: Signs of recovery are there, but to achieve growth will not be easy

We will remind, to receive the next tranche size of $ 1.3 billion. from the International Fund for the EFF program, Ukraine needs to carry out pension reform, optimize the system of payment of housing subsidies and to develop a mechanism to increase tariffs for gas and heating.

In NBU believe that Ukraine will not receive tranche from the IMF before the end of the year during the new year holidays in Europe and possible delays with the adoption of the state budget of Ukraine for 2017

For his part, Finance Minister Alexander danyluk said that the failure to receive next IMF tranche before end of the year is not critical for the national economy.