IMF / UKRAINE

The IMF staff team andUkrainereached agreement on an economic reform program that will unlock about $27 billion from the international community over the next two years. IMF

 

• Categories: News & Features / News Stories / Unifeed
• Video Length: 00:01:29
• Production Date: 27 March 2014
• Asset Language: Original
• Corporate Name: INTERNATIONAL MONETARY FUND - IMF
• Subject Topical: ECONOMIC DEVELOPMENT; FINANCING; ECONOMIC CONDITIONS
• Geographic Subject: UKRAINE
• MAMS Id: U140327h

Description

STORY: IMF / UKRAINE
TRT: 1:29
SOURCE: IMF
RESTRICTIONS: NONE

DATELINE: 27 MARCH 2014, WASHINGTON DC / RECENT

Shotlist

RECENT-

1. Wide shot, exterior, IMF

27 MARCH 2014, WASHINGTON DC

2. SOUNDBITE (English) William Murray, IMF Deputy Spokesman:
“We have an agreement; we have a staff level agreement still subject to approval by our management and the executive board. That’s a 27 bn $ package and we will contribute somewhere between 14 and 18 bn $ for that package.”
3. Cutaway, reporters
4. SOUNDBITE (English) William Murray, IMF Deputy Spokesman:
“We don’t proceed with programs if they’re deemed to be unsustainable. The fact that we’re proceeding with this program indicates that we don’t envisage at this point debt restructuring.”
5.Cutaway, reporters
6.SOUNDBITE (English) William Murray, IMF Deputy Spokesman:
“We hope to wrap everything up sometime in April. I can’t say anything more about that right now.”
7.Cutaway, reporters.
8.SOUNDBITE (English) William Murray, IMF Deputy Spokesman:
“We are utterly disappointed that the necessary legislative steps have not been taken by the us Congress to allow these important reforms to be implemented without further delay.
"Second, and as we have stated repeatedly, these reforms will strengthen the IMF's capacity to respond to our members' needs and help make the IMF's governance more representative of our dynamic membership. “Without ratification by the U.S., the 2010 Quota and Governance Reforms cannot become effective.”

RECENT –

Wide shot, exterior, IMF

Storyline

In a Press Release issued Thursday morning in Kiev, the International Monetary Fund confirmed it has reached an agreement with the Ukrainian authorities about a multi billion Dollars rescue package. In Washington, Bill Murray, the IMF Deputy Spokesman, confirmed the deal.

“We have an agreement; we have a staff level agreement still subject to approval by our management and the executive board. That’s a 27 bn $ package and we will contribute somewhere between 14 and 18 bn $ for that package.”

The deal followed years of negotiations, and the programme, which will come in a traditional IMF bailout known as a "standby arrangement", sent a powerful sign of support to Ukraine and its government. “We don’t proceed with programs if they’re deemed to be unsustainable. The fact that we’re proceeding with this program indicates that we don’t envisage at this point debt restructuring”, said Mr. Murray.

The deal is expected to be finalized in the next few weeks, and only then will the exact amount of the package be known. “We hope to wrap everything up sometime in April”, confirmed William Murray.

In the same press briefing, the IMF spokesman reiterated the reaction of the Managing Director at yesterday’s decision by the Senate to remove the IMF quota and governance reforms from the Ukraine assistance package.

“We are utterly disappointed that the necessary legislative steps have not been taken by the US Congress to allow these important reforms to be implemented without further delay. Second, and as we have stated repeatedly, these reforms will strengthen the IMF's capacity to respond to our members' needs and help make the IMF's governance more representative of our dynamic membership. Without ratification by the U.S., the 2010 Quota and Governance Reforms cannot become effective.”