National Bank of Ukraine: Without IMF Credit We Will Default & the Hryvnia Will Collapse

Translated by Ollie Richardson


The Deputy Governor of the National Bank of Ukraine Oleg Churiy stated that without the aid of the IMF, the collapse of the hryvnia and a default await the country.

According to the official, it can have catastrophic consequences for the Ukrainian economy. “This year we plan to receive about $5 billion from the IMF, payments for the IMF in 2017 will total about $800 million – it is the basic sum. And about $200 million is the interest,” he said, giving the calculations.

Churiy believes that without the aid of the international organization the National Bank will have “very few chances to keep the hryvnia exchange rate”, especially because in the next few years it will be necessary to pay about $12.5 billion on external debts.

“If to look at it purely mathematically, then without receiving further credits from the IMF, we will not be able to fulfil obligations. I.e. we will default, which must be understood by all,” he explained.

As a reminder, in February it became known that the demands of the IMF will lead to a 40% increase in gas prices for the population of Ukraine.

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