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Monday 28 July 2014

IMF likely to send technical team to Ukraine soon

Published 26/02/2014|07:46

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International Monetary Fund Managing Director Christine Lagarde Meets With Students At Seoul National University...Bloomberg Photo Service 'Best of the Week': Christine Lagarde, managing director of the International Monetary Fund (IMF), adjusts her hair as she makes a speech at Seoul National University in Seoul, South Korea, on Thursday, Dec. 5, 2013. South Korea could see long-term growth of 3.5%-4% over the next decade by implementing right package of reforms, Lagarde said. Photographer: SeongJoon Cho/Bloomberg...I
International Monetary Fund Managing Director Christine Lagarde

The International Monetary Fund is likely to send a technical support team to Ukraine soon in order to assist Kiev after its president was toppled by violent street protests over the weekend, IMF chief Christine Lagarde said on Tuesday.

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"We will probably shortly send some technical assistance support to the country," Lagarde, the IMF's managing director, said during an appearance at Stanford University in California. "Because this is our duty to a member if that member asks for that. That is clearly what is likely to happen."

Ukraine's parliament does not plan to vote on the formation of a government until Feb. 27, and the IMF's rules do not allow it to offer financial support to a country that has not asked for it.

The IMF said it has a resident representative in Ukraine who will help in assessing the country's economic situation.

"Now, to go further, to support better this economy, we need to engage in a dialogue in which the Ukrainian authorities, once designated, will seek out the help and support of the IMF," Lagarde said. "That's how it will work. We are ready to engage."

An IMF bailout is widely seen as critical to get Ukraine's dire economic situation under control, as its government is rapidly running out of cash.

Reuters

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