11 Nov 2009 22:19

Official: IMF loan delay not to affect Ukraine's currency market

KYIV. Nov 11 (Interfax) - A top official at Ukraine's central bank claimed on Wednesday that the postponed release by the International Monetary Fund of the fourth tranche of a standby loan for Ukraine would not affect the country's currency market.

"The National Bank [central bank] possesses sufficient reserves of foreign currency and sufficient reserves of durability to ensure stability both in the currency market and in pricing policy," Ihor Shumylo, National Bank executive director for economic affairs, told Interfax.

Shumylo also said that what is due to be paid in 2010 in returning state and corporate foreign loans totals about $23 billion and that this is not a critical amount for the country to part with.

"The gross amount for the state and corporate sectors in returning both short-term and long-term loans is about $23 billion, according to our estimates. It is a gross amount, which can and will be reduced by means of borrowings that both the state and corporations make," Shumylo said.

"The inflow of foreign currency that has been in evidence this year plus direct foreign investment plus possible inputs by international financial organizations will make up for the movement of capital in returning loans," he said.

He also said Ukraine's 2010 budget would have a deficit equivalent to half the 2009 deficit.