"Only if we continue cooperation with the IMF, Ukraine can avoid a default on debt obligations. Next year we should send more than 400 billion hryvnias [$14.39 billion] for servicing and paying off the debt. If Ukraine leaves the IMF program, the country will lose access to the financial resources of international organizations and institutional investors, and a default will turn from a phantom threat into a real prospect next year," the statement said.
It recalled that the IMF had approved a new stand-by program for Ukraine at the working level, and the prerequisite for the further approval of the program by the IMF board is fulfillment of Kiev's fiscal and budget obligations.
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"Therefore, Ukraine should refrain from steps that will lead to a significant reduction in revenues or an increase in budget spending," the ministry concluded.
On October 19, Ukrainian Prime Minister Volodymyr Groysman reported that Kiev and the IMF had agreed on a new program, which would be launched in 2019. The IMF confirmed that it has reached an agreement with the government of Ukraine on a new $3.9 billion loan for 14 months. It also announced intention to approve a new program for Ukraine this year following the adoption of the country's state budget for 2019.
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