IMF: Ukraine cannot use reserves to pay bondholders

GMT 22:18 2015 Friday ,12 June

Arab Today, arab today IMF: Ukraine cannot use reserves to pay bondholders

International Monetary Fund (IMF)
Washington - Arab Today

IMF chief Christine Lagarde said Friday that Ukraine cannot use its central bank reserves to pay creditors, rebuffing a suggestion by bondholders that it do so.

The reserves of the National Bank of Ukraine "cannot be used for sovereign debt service without the government incurring new debt," which runs against the aims of the IMF bailout of the country, Lagarde said.

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