Ukraine owes the IMF more than 12 billion dollars

The total debt of Ukraine to the International Monetary Fund is $12.1 billion dollars, said the Deputy Head of the National Bank of Ukraine, Oleg Churiy at a briefing.

Churiy said, "As of today, there are obligations of the National Bank of Ukraine (NBU) to the International Monetary Fund in the amount of $7.2 billion. There are also obligations of the Ministry of Finance in the amount of $4.9 billion. The total obligations to the IMF amount to $12.1 billion."

He noted that for today, the assets of the NBU, which are included in gross reserves, total at $18.8 billion dollars. At the same time, the total amount of liabilities of the NBU is $9.1 billion dollars. International obligations of the NBU consist of IMF loans and liabilities to other creditors, namely the State Treasury Service and the central bank of Switzerland.

Churiy says this puts the NBU’s foreign currency position or its own funds in foreign currency at $9.7 billion. He noted that the foreign currency reserves for the past year increased from $15.5 billion to $18.8 billion dollars. As earlier reported, Ukraine’s international gold reserves are at only 6% or 25 tons of gold.

Earlier, Finance Minister Oleksandr Danylyuk said that the termination of cooperation with the International Financial Organizations will create a problem with the state's solvency. He claims that Ukraine needs to carry out three main steps to receive another tranche.

  IMF, Economy of Ukraine, Ukraine