IMF to enhance monitoring on Ukraine over huge debt

17:07, 31 July 2013
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The International Monetary Fund (IMF) has asked Ukraine to take part in the special post-program monitoring over the large debt owed to the global lender, local media reported Tuesday, according to Xinhua.

The IMF said that Ukraine's debt reached some 8 billion U.S. dollars or over 383 percent of the quota as of the end of June.

Under the post-program monitoring, Ukraine is obliged to undertake more formal consultations with the global lender, with a focus on macroeconomic and structural policies, the IMF said.

A 15-billion-dollar loan program to Ukraine was frozen in the early 2011, after the post-Soviet country failed to fulfill the IMF requirements to raise gas price for households and to reduce its ballooning fiscal deficit.

Ukraine is seeking a new 15.5-billion-dollar loan from the fund.

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