IMF warns of importance of monitoring Ukrainian economy more closely

International Monetary Fund said Monday it believes the Ukrainian economy should be monitored more closely. The IMF program of financing Ukraine’s economy expired in December 2012 but Kiev received only $ 3.4 bln out of the $ 15.5 bln that fund had promised initially. The freezing of the monies was caused by the Ukrainian government’s failure to fulfill the IMF demands The IMF does the close monitoring of requirements as regards the countries that have outstanding debts to it upon the completion of fund facility programs. It makes arrangements on holding consultations with government officials from these countries more frequently, especially in the situations where macroeconomic issues are concerned. It is believed that the first such consultation between IMF representatives and Ukrainian officials will take place this fall.