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MADRID, Spain -- Ukraine hopes to start talks in November on a $1 billion IMF standby credit to complement an already announced $700 million loan that is now being arranged with the fund, Economy Minister Roman Shpek said.
In an interview this week, Shpek said that the talks were part of a plan to raise $5.5 billion in financing next year to support the recently announced economic stabilization plan that Ukraine has worked out with the International Monetary Fund.
Shpek said that later this month he hoped to sign the $700 million "systemic transformation facility" program, which the fund is offering to help former Socialist bloc countries transform their economies.
The announcement follows a decision by the Ukrainian government last week to approve a memorandum for far-reaching economic reforms.
Ukraine hopes to receive the first half of the $700 million program by years' end, and the second early in 1995.
Senior Ukrainian officials earlier told journalists that their government is committed to implementing the economic reforms, but said bilateral support by the Group of Seven leading industrialized nations is still crucial to meeting its 1994 financing gap, as well as future needs.
Kiev Seeks New Credits From Fund
05 October 1994
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