Press Release No. Press Release No.15/285

Statement by IMF Managing Director Christine Lagarde on Ukraine

June 19, 2015

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today:

"I welcome progress made in Parliament yesterday in approving legislation to strengthen the National Bank of Ukraine's independence, which is part of the far-reaching economic and structural reforms supported by the Fund to modernize the economy and restore robust growth.

“The success of the program, however, also rests on the rapid completion of the debt operation with high participation. In this regard, I also welcome the government's continued efforts to reach a collaborative agreement with all creditors. This is important since this means that the Fund will be able to continue to support Ukraine through its Lending-into-Arrears Policy even in the event that a negotiated agreement with creditors in line with the program cannot be reached in a timely manner.

“Overall, I strongly believe that the authorities' program and the determination and boldness with which it is being implemented, despite considerable headwinds, warrant the support of the international community."