Ukraine wins IMF deal, faces $9 billion in debt payments this year

May 01 2014, 22:19 IST
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SummaryThe International Monetary Fund's board has signed off on a $17 billion bailout for Ukraine...

The International Monetary Fund's board has signed off on a $17 billion bailout for Ukraine to boost the former Soviet state's failing economy, weakened by months of upheaval and a stand-off with Moscow that has triggered the worst East-West crisis since the Cold War.

Ukraine desperately needs to increase revenues to try to meet its foreign currency debt obligations, and the first disbursement of $3.2 billion to Kiev will help it meet immediate payments.

Below is a list of what Ukraine needs to pay and what it expects to receive in credits this year.

(Figures include both Finance Ministry and Central Bank obligations, but do not include debts owed by state companies such as Naftogaz, which now owes $3.5 billion for gas imports from Moscow, according to Russia's Gazprom.)

UKRAINE OWES:

$2.9 billion to the IMF - due over the course of the year

$1 billion on Eurobonds in June; $0.9 billion in coupon

payments

$0.9 billion due to other international financial

organisations/countries

$1.3 billion repayment of local dollar bonds

$1.6 billion early repayment of local dollar bonds

$0.5 billion local bond coupon payments and T-bills

UKRAINE EXPECTS:

$3 billion from the IMF next week

$2.7 billion from the European Union; expects up to $1

billion this month

$1 billion from World Bank

$1 billion guarantee from the United States

$1 billion Eurobond issue possibly in the second half of the

year

$0.3 billion from local dollar bond placement

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