IMF to decide on bailout second tranche to Ukraine ‘within weeks’July 18, 2014 - 16:28 AMT PanARMENIAN.Net - The International Monetary Fund (IMF) expects to decide within weeks on issuing the second tranche of a $17-billion bailout to Ukraine, whose economy is likely to contract by 6.5 percent this year, its Kiev mission chief said on Friday, July 18, according to Reuters. Ukraine received $3.2 billion in May as the first tranche of the two-year aid package intended to shore up depleted foreign currency reserves and support the state budget. "The mission has reached an understanding with the Ukrainian authorities on the policies necessary for the completion of the first review under the standby agreement... We expect this process to be completed within few weeks," said mission chief Nikolay Gueorguiev. He said the tranche could total $1.4 billion although his forecast that the Ukrainian economy would contract by 6.5 percent this year was a larger fall than the previously estimated 5-percent decline. Ukraine's economy stagnated in 2013. Economists have said its economy will slide deeper into recession this year, despite an IMF aid deal, as a pro-Russian rebellion cripples activity in the industrial east and scares off foreign investors. The IMF approved its bailout for Ukraine in April to help the country's economy recover after months of upheaval, unlocking further credits from other donors of about $15 billion. Ukrainian Prime Minister Arseny Yatseniuk said on July 9 he expected Kiev to receive the second tranche because it was fulfilling all the criteria. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. Macron says France commemorates 109th anniv. of Armenian genocide Today France commemorates the 109th anniversary of the Armenian genocide of 1915, Macron says. Freedom House concerned by mounting reports of police violence in Armenia Freedom House urged Armenian authorities to investigate this pattern of excessive force and inhumane treatment. |