14.12.2009 09:52

Tymoshenko to sacrifice minimum wage for sake of IMF loan?


The government asks the International Monetary Fund (IMF) to give Ukraine US $2 bn in December – a half of the fourth tranche loan, which the Government hoped to get at the end of the year, but due to political difficulties the money did not come. In order to attract as soon as possible at least some part of the tranche, the Cabinet of Ministers made new concessions of the IMF. It is mentioned in a fresh edition of a memorandum on cooperation between Ukraine and the Fund, reports the newspaper Delo.

For example, the government is ready to cut budgetary spending by Hr 5 bn this year and also to reduce the scheduled reconciled supply of Budget-2010 by Hr 35 bn.

The government also does not intend to implement legislation to raise the minimum wage (from Hr 744 as of November 1, 2009 to Hr 922 as of December 1, 2010), which has been adopted already.

The Finance Ministry will reduce overestimated the amount of money, which was envisaged in the draft budget-2010 for entry of troubled banks into the capital. It will be reduced from Hr 50 bn to Hr 30 bn.

Another two important and very unpleasant concessions for Tymoshenko are rise in price for gas and refusal from pressure upon the National Bank.

Such assurances and promises of the Ukrainian government and National Bank will unlikely effect on the directors of the IMF. Firstly, the government and the NBU are not only fulfilling their obligations, but also violate the prudential regulations openly, which are set by the IMF. The National Bank was unable to prevent the deviation of the official market rate from the official one more than by 2 percents - the budget has not been adopted for next year in Ukraine. In addition, it is worth to take into account the fact that the Foreign Exchange Fund prefers not to give money to countries in the midst of political campaigns.

What did the Ukrainian government promise the IMF and the National Bank of Ukraine?

To increase revenue of the national stock company Naftogaz of Ukraine in 2010 by Hr 3 bn; to approve financial plan of Naftogaz with real sources of the shortfall at the next meeting of the government; to submit to Parliament the bill to abolish the practice of advance payments to the budget of National Bank before the meeting of Board of Directors of the IMF; to restructure the debts of the bank Nadra and to decide to nationalize it or not until the end of the year; to sign a memorandum with the owners of domestic banks on its pre-capitalization until the end of the year.


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