IMF chief warns Ukraine over rescue programme

AFP, WASHINGTON: An IMF programme to prop up cash-strapped Ukraine’s stricken economy cannot continue without reform by the authorities in Kiev, International Monetary Fund chief Christine Lagarde warned yesterday.
“Without a substantial new effort to invigorate governance reforms and fight corruption, it is hard to see how the IMF-supported programme can continue and be successful,” Lagarde, the Washington-based lender’s managing director, said in a strongly worded statement.
The IMF is the main source of rescue financing for Ukraine as the hard-up country battles with crises ranging from falling commodity prices to a new trade embargo by Russia.
The Fund has a $17.5 billion rescue program for Ukraine on condition the government enacts economic reforms and fights corruption.
“I am concerned about Ukraine’s slow progress in improving governance and fighting corruption, and reducing the influence of vested interests in policymaking,” said Lagarde.

IMF chief warns Ukraine over rescue programme

AFP, WASHINGTON: An IMF programme to prop up cash-strapped Ukraines stricken economy cannot continue without reform by the authorities in Kiev, International Monetary Fund chief Christine Lagarde warned yesterday. Without a substantial new effort to invigorate governance reforms and fight corruption, it is hard to see how the IMF-supported programme can continue and be successful, Lagarde, the Washington-based lenders managing director, said in a strongly worded statement. The IMF is the main source of rescue financing for Ukraine as the hard-up country battles with crises ranging from falling commodity prices to a new trade embargo by Russia. The Fund has a $17.5 billion rescue program for Ukraine on condition the government enacts economic reforms and fights corruption. I am concerned about Ukraines slow progress in improving governance and fighting corruption, and reducing the influence of vested interests in policymaking, said Lagarde.