Ukraine to use IMF funds to cover bank debts – mass media

12:20, 27 May 2009
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Ukraine plans to spend $1.4 billion

Ukraine will use part of the second tranche of an International Monetary Fund loan to cover the foreign debts of banks selected for a government bailout, Ekonomicheskie Izvestia reported, citing a person with knowledge of the matter in the Finance Ministry.

Ukraine plans to spend $1.4 billion to cover the lenders’ debts,the newspaper reported.

VAT Nadra Bank must pay $425 million this year and about $600 million in 2010; VAT Rodovid Bank’s debt is $55 million; TOV Ukrprombank must pay $34 million; VAT Ukrgazbank’s debt amounts to $23 million; and VAT Bank Finasy I Kredit owes about $300 million to foreign creditors, according to Izvestia.

Bloomberg

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