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Archive for July 10th, 2009

IMF puts conditions on 3rd Ukraine loan tranche

Posted by the Editor on July 10, 2009


News / 10 July 2009 | 17:41

IMF puts conditions on 3rd Ukraine loan tranche

The International Monetary Fund said on Friday Ukraine would get a third tranche of its loan provided the country’s authorities met conditions including winning parliament’s approval to amend banking legislation, Kyiv Post reported.

The IMF’s Ukraine mission chief Ceyla Pazarbasioglu said the Fund’s Executive Board would take a decision on the $3.3 billion tranche within three to four weeks and expected “prior actions” undertaken by Ukraine to be completed by that time.

She praised the government and central bank for creating financial stability and improving the banking sector’s outlook.

But she urged parliament — its work paralysed for weeks by opposition protests — to approve amendments to banking legislation, and said Ukraine, gripped by almost continuous political upheaval for more than four years, needed a “strong political consensus” in the run up to a presidential election.

Seated alongside Prime Minister Yulia Tymoshenko, the mission chief said a “staff-level agreement” had been reached after a two-week mission punctuated by “long, difficult discussions”.

Ukraine, whose economy shrank more than 20 percent in the first quarter of 2009, clinched the $16.4 billion loan deal with the IMF late last year.

Pazarbasioglu told a news conference her team would now start the process of making a recommendation about the third loan tranche.

“The next tranche is about 3.3 billion,” she said. “And as I said before, it will be considered by the Executive Board upon completion of prior actions.”

Conny Lotze, an IMF spokeswoman accompanying the mission, said by telephone: “There are a few things that have not been gone through, like the amendments to the bank resolution process. Basically these things need to be done before the Board can convene and make a decision to approve the review.”

ForUm

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IMF changes Ukraine’s GDP fall forecast and budget deficit for 2009

Posted by the Editor on July 10, 2009


News / 10 July 2009 | 16:37

IMF changes Ukraine’s GDP fall forecast and budget deficit for 2009

The International Monetary Fund (IMF) has downgraded its forecast for the fall in Ukraine’s GDP from 8% to 14%, IMF Mission Chief in Ukraine Ceyla Pazarbasioglu has said, Interfax-Ukraine reported.

“We have revised our forecast for the economic fall, from 8% to 14%,” she said at a press conference in Kyiv on Friday.

Pazarbasioglu said the IMF had also increased the forecast for budget deficit in Ukraine from 4% to 6% of GDP on the background of Naftogaz Ukrainy’s budget deficit.

The reason for the worsening GDP forecast was the slump in Ukraine’s economic development in the first quarter of 2009, the IMF official said.

ForUm

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Cabinet to use third tranche of IMF’s loan to redeme foreign debts

Posted by the Editor on July 10, 2009


News / 10 July 2009 | 15:33

Cabinet to use third tranche of IMF’s loan to redeme foreign debts

The Cabinet of Ministers is intending to use USD 1.9 billion from USD 3.3 billion of the third tranche of the bailout loan from the International Monetary Fund to redeem foreign debts, Ukrainian News reported.

Prime Minister Yulia Tymoshenko announced this at a press conference after meeting with the mission of the International Monetary Fund on Friday.

“This is absolutely precisely that USD 1.9 billion of the sum will be used for the redemption of foreign debts,” Tymoshenko said.

As a result of the second revision of the program for cooperation with the International Monetary Fund, Ukraine commits to cut the expenses of the national budget and balance the financial condition of the Naftohaz Ukrainy national oil and gas company, Tymoshenko said.

The Ukrainian prime minister said, that although the positions are not popular for Ukrainian politicians, this is the only way for Ukraine to come through the crisis easier.

The prime minister voiced confidence of further fruitful cooperation with the International Monetary Fund.

Acting Finance Minister Ihor Umanskyi told the press, that in compliance with agreements with the International Monetary Fund the government is intending to change the fiscal policies and optimize the system of priorities.

“We will focus on consolidation of administration at the customs and the tax services,” he said.

Moreover, the government is intending to optimize the expenses on capital measures and state orders.

As Ukrainian News earlier reported, the mission of the International Monetary Fund is intending to recommend the IMF Board of Directors to consider the allocation of USD 3.3 billion of the third tranche to Ukraine.

ForUm

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Ukraine and IMF reach agreement on release of third tranche in stand-by arrangement

Posted by the Editor on July 10, 2009


News / 10 July 2009 | 14:00

Ukraine and IMF reach agreement on release of third tranche in stand-by arrangement

Ukraine’s authorities and the International Monetary Fund’s mission have reached preliminary agreement on the release of another credit tranche worth $3.3 billion under the Stand-By Arrangement with Ukraine, IMF Mission Chief to Ukraine Ceyla Pazarbasioglu said at a press conference in Kyiv on Friday, Kyiv Post reported.

“We have reached agreement at the technical level,” she said.

According to Pazarbasioglu, the IMF mission has started preparing respective recommendations for the IMF Executive Board.

The IMF mission chief said there were rather complicated discussions during the talks with the Ukrainian authorities.

ForUm

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Roy Jones-junior wants to fight Klitschko

Posted by the Editor on July 10, 2009


News / 10 July 2009 | 13:15

Roy Jones-junior wants to fight Klitschko

Ex-world box champion in 4 weight categories American Roy Jones-junior claimed he would like to meet on the ring with one of Klitschko Brothers. As Liga reports with reference to boxingscene, Roy John would like to return the champion title in heavyweight in the USA, he underlined, ForUm informs, referring to MIGnews.
 
“It is very simple to organize the duel with me. I am promoter. I would like to meet with Bernard Hopkins or Glen Johnson. And I would like to fight with Klitschko brothers. In the past Chris Beard beat one of them (Vitali Klitschko -editor.) If he managed to do it, I will do the same”, he said.

Roy Jones, 40 held 58 duels on the professional ring, won 53 times and lost five times. He is a world champion of average (IBF version, 1993-1994), the second average version (IBF version, 1994-1996), semi-heavy (WBC version, 1997, 1997-2002) and 2003-2004, WBA version, 1998-2002; IBF version, 1999-2002) and heavy (WBA version, 2003) weight categories. The American is one of the best boxers in history.

As a reminder, according to mass media reports, Vitali Klitschko agreed on the duel with British David Haye. The duel will take place on September 12 in Germany.

ForUm

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Ukraine may help towards global food security

Posted by the Editor on July 10, 2009


News / 10 July 2009 | 13:00

Ukraine may help towards global food security

Ukraine as one of the world’s leading farm produce makers can make its contribution to a strengthening of the global food security, says Deputy Head of the President’s Secretariat Andriy Honcharuk in connection with the start of the G8 summit work in Italy’s L’Aquila, according to UkrInform.

According to him, Ukraine has a stake in practical results of the summit where it is planned to consider decisions on restoration and development of the world’s economy.

Honcharuk pointed out that the main objective of the event is practical implementation of decisions to prevent a finance and economy crisis, passed during previous forums.

At the same time, he believes one of the main objectives of the summit, which Ukraine may join, is coordination of the international effort in the fight with hunger as a mass phenomenon.

In his opinion, Ukraine may contribute to the strengthening of the globe’s food security, particularly, through creation of a special fund, L’Aquila Food Security.

Honcharuk says Ukraine has a stake in cooperation within the framework of this initiative, against which up to USD 15 billion may be drawn.

ForUm

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MPs are offered to work one more week

Posted by the Editor on July 10, 2009


News / 10 July 2009 | 12:00

MPs are offered to work one more week

MPs are given a draft resolution of the VRU on changes introduction into the calendar plan of IV session of the parliament of VI convocation, the ForUm’s correspondent informs.

According to the given draft resolution, MPs are offered to work in plenary regime on July 13-17.

The matter concerns that IV VRU session will be closed on July 17 after the “an hour of questions to the government”.

ForUm

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Tomenko: PR lives in virtual world

Posted by the Editor on July 10, 2009


News / 10 July 2009 | 11:41

Tomenko: PR lives in virtual world

Vice-speaker of the VRU Mykola Tomenko considers that the parliament is “doomed” to pen today its session in order to postpone the date of close of the VRU session. He told parliamentary journalists today, the ForUm’s correspondent informs.

“Today the decision will be taken not to close the VRU session, but to postpone its closing. I can surely say that next week at least one more sitting of the VRU will take place,” he said.

According to Tomenko, the Party of Regions lives in virtual world. But we live in real but not virtual world,” he stressed.

ForUm

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