REUTERS
Economics expert Boris Kushnyruk has said little is known about the crucial agreements reached between the Ukrainian government and the IMF, on which the fate of further foreign funding for Ukraine hangs.
"At the moment nobody knows what is included in the package of IMF agreements, and what can be discussed at the expert level,” Kushnyruk said in an interview on Ukrainian news broadcaster Channel 5.
“I’m not in a position to comment on the situation, although it reflects the problem itself - yes, the government is working under very difficult conditions, but we are ready at the expert level to work together with them, if necessary. But that is only if we are involved in this process."
As reported earlier, the Cabinet of Ministers approved a memorandum of cooperation with the International Monetary Fund for the term of four years using the Extended Fund Facility worth $17.5 billion.
Parliament on Monday night pushed through an unpopular measure connected with IMF funding – raising the pension age for women. Ukraine will have to undergo a number of painful and unpopular reforms in order to maintain a steady flow of much-needed funds from the IMF and other lenders to keep its struggling economy moving.
According to Ukrainian Prime Minister Arseniy Yatseniuk, the fighting in the east of the country and the loss of control of Crimea has effectively shrunk Ukraine’s economy by 20%. The country, according to experts writing in the Washington Post, is also suffering inflation of over 270%, and its currency has lost 70% of its value in the last year.