Kiev, February 28 (QNA) -The International Monetary Fund says it will consider Ukraine's call for financial help and will send a fact-finding team to Kyiv to assess its financial needs. Christine Lagarde, Managing Director of the International Monetary Fund (IMF) said in a statement that, the Ukrainian authorities informed me today of their request for support from the IMF, according to IMF website.
"We are ready to respond and, in the coming days, will send an IMF fact-finding team to Kiev to undertake a preliminary dialogue with the authorities. This will enable the IMF to make its usual technical, independent assessment of the economic situation in Ukraine and, at the same time, begin to discuss with the authorities the policy reforms that could form the basis of a Fund-supported program".
"We are also discussing with all our international partners--bilateral and multilateral--how best to help Ukraine at this critical moment in its history. In that regard, we are encouraged by the many statements of support that have been expressed." she added.
Ukraine is grappling with a record current-account deficit, and has seen its foreign reserves plunge 28% in the past year to $17.8 billion at the end of January, and has experienced a run on cash from ATM machines as individuals take out cash to weather the crisis.
Officials say Ukraine will need financial assistance rapidly, perhaps $15 billion this year and $10 billion next year to help pay salaries, pensions and maturing bonds. (QNA)