Gontareva hopes for $20 billion more in loans for Ukraine
National Bank of Ukraine head Valeriya Gontareva is hoping for at least another $20 billion in loans to help bail out Ukraine’s struggling economy.
At a news conference on Oct. 16, Gontareva said a $17 billion bailout by the International Monetary Fund is not enough, given the expected 8.3 percent contraction in the country’s economy this year. Gontareva attended an IMF meeting from Oct. 10-12 in Washington D.C.
The deal isn’t done yet, but Gontareva is optimistic.
“Paul Thomsen, deputy director of the IMF’s European Department, reassured me that the fund’s help may be bigger,” the central banker said.
Russia’s ongoing war against Ukraine has caused a 6.8 percent drop in exports during the first eight months of this year, putting pressure on the nation’s current account.
The war-hit Donbas, whose share in the overall exports used to reach as much as 30 percent, simply can’t do business as usual. “The IMF for sure will help to deal with the current account deficit,” said Gontareva. “As head the of National Bank I can’t do anything to produce Donbas’s share of exports.”
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