The IMF loan will also unlock another
IMF Managing Director
In an interview,
These vulnerabilities made the economy especially susceptible to economic and political shocks that eventually led to the current crisis, said Moghadam.
The program stipulates the nation to reduce its fiscal drain by eliminating Naftogaz's deficit by 2018 and to implement comprehensive structural reforms especially in areas of public procurement and tax administration.
Without measures, the combined deficit of the government and Naftogaz would have reached an impossible-to-finance 12% of GDP in 2014, undermining confidence in public finances, Moghadam noted.
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