IMF would like to mobilize as much funding as possible to aid Ukraine

MOSCOW. June 10 (Interfax) - Ukraine's financial assistance needs are enormous, and a new administrated account set up by the International Monetary Fund (IMF) is an effective mechanism for accumulating and disbursing it, IMF Communications Department Director Gerry Rice said.

"The needs are huge. That's why we would like to mobilize as much funding as possible," the Ukrainian media quoted Rice as saying at a press briefing on Thursday.

Rice, however, declined to estimate the total amount that could be raised in the account.

He said Canada, which initially pledged $1 billion Canadian dollars (around $990 million in total at today's exchange rate) to the account, has raised the amount by $250 million Canadian dollars since then, and Germany, for its part, has committed one billion euros.

When asked about a possible new IMF program for Ukraine, Rice said that the Ukrainian government would like to have a new program with the IMF.

Such a program should be mid-term, and it is advisable to launch it when post-crisis reconstruction starts, he said, adding that focus should now be on short-term assistance.

As reported, the IMF approved $1.4 billion in emergency support for Ukraine in early March.