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Former Georgia President, head of the Executive Committee of the National Council for Reforms of Ukraine, Mikhail Saakashvili, said that Ukraine now has no alternative to “good cooperation” with the IMF.
Former Georgia President, head of the Executive Committee of the National Council of Reforms of Ukraine Mikhail Saakashvili said that his words about Kiev’s cooperation with the International Monetary Fund were misinterpreted. About this he wrote on Facebook.
Last night, a politician said on the air on the 1 + 1 television channel: “I once rejected IMF services in Georgia. I think Ukraine has strong enough potential to reject it.”
Today on Facebook, he emphasized that at this time “Ukraine has no alternative to good cooperation” with the IMF, especially during a crisis in which the country needs money.
“At this stage, I am in favor of strengthening the ties that contribute to the implementation of the reform program in Ukraine. Strategically, as Georgia did during my presidency, we will come to a situation where IMF assistance is no longer needed,” Saakashvili said.
He added that “any attempt to withdraw from the cooperation program with the IMF at this stage will be consistent only with the objectives of Ukraine’s enemies.”
In December 2019, Ukraine and the IMF agreed on a three-year extended financing program (EFF) in the amount of 4 billion special drawing rights (approximately $ 5.5 billion). Kiev has not received a single tranche under this program. On May 7, IMF spokesman Jerry Rice announced that the Fund and Ukraine were reorienting the 36-month EFF extended financing program previously agreed to the 18-month stand-by program.
Before granting a loan, the IMF insisted on opening a land market and prohibiting the return of nationalized banks to former owners (this document, in particular, excludes the possibility of PrivatBank returning to businessman Igor Kolomoisky). The Fund’s managing director, Kristalina Georgieva, noted that the adoption of these documents “will allow us to move quickly towards finalizing the parameters of a new agreement with broader access than previously thought.”
The Verkhovna Rada adopted the Land Reform Law on March 31, 2020. The land market in Ukraine should win from July 1, 2021. Parliament passed a law to improve some banking regulatory mechanisms on May 13.
On May 12, Ukraine’s Prime Minister Denis Shmygal announced that a memorandum of cooperation between Ukraine and the IMF could be signed before the end of May.
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