KIEV (Sputnik) – The IMF’s mission in Ukraine is likely to submit its proposals on the next batch of loan payments for Kiev to the IMF board of directors in October.
“It will go completely to fulfilling [the gold currency reserves],” Jaresko told journalists before a Cabinet of Ministers meeting.
Ukraine’s national debt exceeds $70 billion. The country has been increasingly reliant on external funding since a coup in February 2014, followed by an armed conflict in the southeast.
In March, the IMF approved a four-year $17.5-billion assistance package to Ukraine to put its ailing economy on the path toward recovery by encouraging a series of reforms. An additional tranche worth $1.7 billion was approved by the IMF in July.
On August 28, Kiev and its international creditors agreed to write off 20 percent of Ukraine's foreign debt. The IMF head said the US-based fund would help Kiev maintain debt sustainability.
