Azarov optimistic on cooperation with IMF after mission's visit

Ukrainian Premier Mykola Azarov has said he is optimistic about the detailed consultations conducted with the mission of the International Monetary Fund (IMF) that was in Ukraine October 17-29.

"We've always considered cooperation with the IMF as an important element of our economic policy," the premier said during the final meeting with the mission on Tuesday.

Besides, such cooperation corresponds to European integration aspirations of Ukraine, Azarov said.

The mission's position concerning the results of its visit to Kyiv is not yet known.

As reported, the IMF mission headed by Nikolay Gueorguiev visited Ukraine on October 17-29 to conduct consultations with Ukraine on the 2013 Article IV (on obligations with regard to the currency regime) and post-program monitoring.

The mission planned to assess the macroeconomic situation and discuss with the authorities a broad range of policy issues and plans for the near and medium term.

The IMF's 29-month Stand-By Arrangement, which envisaged the provision of a total of SDR 10 billion ($15.2 billion) to Ukraine, went off-track with only two tranches of the total amount of SDR 2.25 billion (about $ 3.4 billion) disbursed. Following the expiration of the Stand-By Arrangement, Ukraine unsuccessfully tried to persuade the IMF to launch a new program.

The latest IMF mission on Article IV worked in Ukraine in May 2012. After the work was over, the mission called on the Ukrainian authorities to increase utilities rates, improve payment discipline and boost forex rate flexibility.