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News / 27 January 2014 | 11:33
Ukraine can fully meet its foreign liabilities in 2014

Ukraine can fully meet its foreign liabilities in 2014

Economic analysts believe Ukraine will be in good shape to meet its foreign liabilities in 2014. The conclusion is based on the statement of Anton Siluanov, Minister of Finance of the Russian Federation, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.

According to Agreements reached in December 2013 by President of Ukraine Viktor Yanukovych and Russian President Vladimir Putin, Russia will give Ukraine a loan of 15 billion USD.

Siluanov's announcement outlines the loan conditions. According to Siluanov, out of the total 15 billion USD, 5 billion USD will be issued in Special Drawing Rights (SDR), and 10 billion USD - from the National Welfare Fund (NWF).

According to government analysts, this structure is consistent with the Ukrainian interests, as Ukraine has to pay its liabilities to the IMF precisely in SDR. Specifically, during 2014 Ukraine will have to pay off 2.418 billion SDR, which is equal to 3.716 billion USD. 

Ukraine in 2015 must repay to the IMF 0.98 billion SDR, or 1.5 billion USD. Thus, the  Russian SDR loan will come handy to completely close the IMF liabilities in 2014 and 2015.
The nearest payments to the IMF are on Jan. 30, Feb. 1 and Feb. 17. The total amount to be paid is 665.8 billion SDR (1.02 billion USD).

The finance minister said SDR would be provided on the same terms, as the NWF, at 5% per annum.

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