Ukraine’s government plans to raise foreign loans totaling from $500,000,000 to $800,000,000 in 2003 for refinancing peak payments for foreign debt next year (around $1.6 billion), Interfax Ukraine quotes Minister of Finance Ihor Yushko as saying. The nation’s top financier also noted that, in the opinion of private investors, it is not worth turning to the world credit market for a sum less than $500,000,000, since such proposition would not be attractive for this market. “We are to maneuver starting from $500,000,000, but the limit will be $750-800 million,” Mr. Yushko said. According to him, the government is still to decide if Ukraine would receive money from the World Bank in the future. Such uncertainty is caused with the fact that on September 4, 2002, the program for Ukraine’s cooperation with the World Bank will end, and the World Bank’s credit policy is strictly attached to IMF programs. Simultaneously, on June 10 US Ambassador to Ukraine Carlos Pascual and Ihor Yushko signed a treaty on restructuring a part of Ukraine’s debt to the US as one of the Paris Creditors’ Club members. The agreement envisages restructuring $200 million of Ukraine’s debt, which is 70% of its total sum ($286.1 million). Mr. Yushko confirmed that Ukraine intends to sign bilateral agreements with all the Paris Club member countries before the end of June.
