NBU reveals volume of Ukraine's multi-billion dollar debt to IMF

"Today, there are obligations of the National Bank to the International Monetary Fund in the amount of $7.2 billion, there are also obligations of the Ministry of Finance to the IMF in the amount of $4.9 billion. That is, obligations to the IMF total $12.1 billion," Churii said at a briefing on Monday.

Read alsoUkraine's finance minister says new program with IMF possible only if reforms successfulHe noted that the NBU assets, which are included in gross reserves, as of today amount to $18.8 billion. At the same time, the total amount of the NBU's liabilities is $9.1 billion. International obligations of the NBU consist of IMF loans and liabilities to other creditors, in particular the State Treasury Service and the Swiss National Bank.

Thus, the NBU's funds in foreign currency amount to $9.7 billion, Churii added.

As UNIAN reported earlier, the IMF noted that, to see the completion of the fourth review of the cooperation program and to receive the fifth tranche, Ukraine needs to ensure that the pension reform is consistent with the objectives of cooperation, including long-term financial sustainability of the Pension Fund; as well as to pass a law on privatization, bring gas tariffs in line with import parity, create an anti-corruption court, and adopt a budget for 2018 with a deficit of no more than 2.5% of GDP.

Read alsoPoroshenko finally finds replacement for Gontareva in NBUThe National Bank of Ukraine expects to receive in 2018 two credit tranches from the IMF totaling $3.5 billion.

Managing Director of the International Monetary Fund, Christine Lagarde, and Ukrainian President Petro Poroshenko will meet at the World Economic Forum to be held in Davos January 23-26 to discuss reforms in Ukraine necessary to secure the next credit tranche within the Extended Fund Facility program.

UNIAN memo. In March 2015, the IMF approved a four-year EFF loan program for Ukraine under which $17.5 billion will be disbursed. Ukraine has already received four disbursements from the Fund to the tune of $8.7 billion.