IMF / UKRAINE
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STORY: IMF / UKRAINE
TRT: 1.20
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS
DATELINE: 8 MAY 2014, WASHINGTON DC / RECENT
RECENT, WASHINGTON DC
1. Exterior IMF
8 MAY 2014, WASHINGTON DC
2. SOUNDBITE (English), Gerry Rice, Spokesman, International Monetary Fund:
“The staff report mentions that a loss of effective control in the East is one of the risks to the program, and in case it materializes, the program would need to be, in some ways, recalibrated.”
3. Cutaway, reporters
4. SOUNDBITE (English), Gerry Rice, Spokesman, International Monetary Fund:
“The focus of the IMF program and the IMF resources, as you know, is in the area of public finances, helping to stabilize Ukraine’s public financing and on the level of budget deficit.”
5. Cutaway, reporters
6. SOUNDBITE (English), Gerry Rice, Spokesman, International Monetary Fund:
“On the letter of intent, this is standard procedure for IMF programs. Nothing out of the ordinary here. It’s part of the documentation that the Board reviews. It’s part of every review. As is the usual practice, this will be released after the Board meeting.”
RECENT, WASHINGTON DC
7. Exterior shot, IMF
The International Monetary Fund acknowledged Thrusday that its $17 billion loan program to Ukraine is at risk, due to the interim government’s lack of control of the eastern provinces.
“The staff report mentions that a loss of effective control in the East is one of the risks to the program, and in case it materializes, the program would need to be, in some ways, recalibrated,” said IMF spokesman Gerry Rice.
Rice added that the focus of the IMF’s financial assistance to the government is to help the government remain current on its payment obligations.
“The focus of the IMF program and the IMF resources, as you know, is in the area of public finances, helping to stabilize Ukraine’s public financing and on the level of budget deficit,” Rice said.
Rice explained that the government of Ukraine would receive financing from a number of international partners and those funds are not assigned to specific budget line items.
On another issue, in regard to the Portugal’s ending its three-year program with the IMF, Rice explained that a final ‘Letter of Intent’ is a standard document the Board reviews with each country that has a program with the IMF.
“On the letter of intent, this is standard procedure for IMF programs. Nothing out of the ordinary here. It’s part of the documentation that the Board reviews. It’s part of every review. As is the usual practice, this will be released after the Board meeting,” Rice said.
The IMF’s program with Portugal is part of a cooperative package of financing with the European Union worth about €78 billion over the duration of the three-year program.