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Ukraine is confident that a drive to broaden economic and fiscal reforms will persuade creditors to back urgent fresh loans, Finance Minister Natalie Jaresko said.

Ukraine will succeed in securing new credit to pay off debt and the release of current bailout payments, Jaresko said in an interview. The country is addressing creditors concerns over tardy reforms by getting to grips with entrenched problems including corruption, tax evasion and lagging government asset sales, she said.

Time is of the essence in securing creditor backing, U.S.-born Jaresko said yesterday in Berlin, where she and Prime Minister Arseniy Yatsenyuk are holding talks with German Chancellor Angela Merkels top aides. We are looking forward to creditors giving their nod of approval to reform plans.

Standoff in Ukraine

As IMF officials resume a review of Ukraines reform progress today in Kiev, Jareskos comments reflect creditors increasing impatience over the speed of reforms. At stake is payment of the next batch of aid from the IMFs standing $17 billion rescue package and a further $15 billion identified by the fund thats needed to help debt repayments.

We are indeed in a critical financial situation, said Jaresko, a 49-year-old former chief executive officer of Kiev-based private equity company Horizon Capital LLC. Further aid will probably mean that a restructuring of debt held in foreign denominations wont be necessary, she said. Were not currently looking at that.

As conditions for further aid, creditors may require commitments to broaden the tax base, deregulate industry, improve the business environment and sell assets, Jaresko said. Thats something I think might be coming from our partners as potential conditions.

Jareskos stated confidence in securing loans contrasts with Ukraines deepening recession and rising debt in the second year of armed conflict. The economy will shrink another 6 percent this year, Moodys said in a Dec. 22 report.

Merkels government yesterday agreed to back 500 million euros ($592 million) in credit guarantees for Ukraine. Jaresko declined to say whether Germany pledged bilateral help beyond that.

Jaresko said that Ukraine is partly counting on bilateral loans from the World Bank and countries including the U.S., Japan and Canada to help plug the new funding gap. Its looking for timely approval of fresh credit ahead of a planned financial conference of potential backers as early as March, she said.

Read this article:
Ukraine Confident of New Lifeline From Creditors: Minister

Hedge fund billionaire George Soros says Europe must provide more financial help to Ukraine.

LONDON (CNNMoney)

In an essay published in the New York Review of Books on Thursday, Soros said the financial package is needed to help the Ukrainian government embark on radical economic reforms.

The billionaire investor and philanthropist said while he supports the continuation of sanctions against Russia, the focus must be shifted from punishing Russia to helping Ukraine.

"Europe needs to wake up and recognize that it is under attack from Russia," wrote Soros. "Assisting Ukraine should also be considered as a defense expenditure by the EU countries."

Related: Russian banks starved for cash as funding crisis worsens

The International Monetary Fund approved a $17 billion bailout for the distressed country in March. In the same month, the European Union offered Ukraine financial assistance worth about $15 billion in the form of loans, grants, investments and trade concessions.

But as economic conditions deteriorate and Ukraine battles pro-Russian separatists in its eastern regions, the Ukraine government has said it will need more support.

The IMF, which begins a new round of talks with Ukraine on its aid program this week, has estimated Ukraine will need another $15 billion to ease its financial troubles.

This is not the first time Soros has spoken out about the need to support Ukraine. In March he said the country needed financial help on the scale of the Marshall Plan, which channeled billions of dollars in aid to western Europe after World War II.

Read this article:
Soros urges Europe to throw Ukraine $50 billion lifeline

Hedge fund billionaire George Soros says Europe must provide more financial help to Ukraine.

LONDON (CNNMoney)

In an essay published in the New York Review of Books on Thursday, Soros said the financial package is needed to help the Ukrainian government embark on radical economic reforms.

The billionaire investor and philanthropist said while he supports the continuation of sanctions against Russia, the focus must be shifted from punishing Russia to helping Ukraine.

"Europe needs to wake up and recognize that it is under attack from Russia," wrote Soros. "Assisting Ukraine should also be considered as a defense expenditure by the EU countries."

Related: Russian banks starved for cash as funding crisis worsens

The International Monetary Fund approved a $17 billion bailout for the distressed country in March. In the same month, the European Union offered Ukraine financial assistance worth about $15 billion in the form of loans, grants, investments and trade concessions.

But as economic conditions deteriorate and Ukraine battles pro-Russian separatists in its eastern regions, the Ukraine government has said it will need more support.

The IMF, which begins a new round of talks with Ukraine on its aid program this week, has estimated Ukraine will need another $15 billion to ease its financial troubles.

This is not the first time Soros has spoken out about the need to support Ukraine. In March he said the country needed financial help on the scale of the Marshall Plan, which channeled billions of dollars in aid to western Europe after World War II.

Read the original:
Soros wants $50 billion Ukraine lifeline

The European Union has offered to give extra rescue loans to Ukraine, which is struggling with recession and a costly war, but only if it makes its promised economic and political reforms.

The EU says it can give another 1.8 billion euros ($2.12 billion) in loans ? on top of the 11 billion euros already pledged ? if Kiev respects the terms of its international bailout deal. In particular, it wants to see better progress in stamping out corruption.

"We need to see this commitment to reforms and some results on different issues," said EU foreign affairs chief Federica Mogherini during a visit to Riga, Latvia.

Ukrainian Prime Minister Arseniy Yatsenyuk highlighted how tough it was to push through unpopular spending cuts.

"Is it enough? No, it's never enough. You have always to move forward," Yatsenyuk said during a visit to Berlin. "We are doing the job on our side despite the fact that we face tremendous challenges."

Ukraine is spending some $5 million per day on the war in the country's eastern region, he said.

Yatsenyuk said Ukraine had received a total of $9 billion in loans so far from bailout packages agreed on last year with the International Monetary Fund and international institutions like the EU. He said Ukraine had repaid $14 billion to creditors in the same period. Kiev has been struggling to repay Russia past debts for gas supplies.

German Chancellor Angela Merkel said she was impressed by the "determined" course his government had taken.

Still, Yatsenyuk said Ukraine needs more financial help soon.

"We are out of time," said Yatsenyuk. "The timetable is very, very limited, and we expect to get the response from the IMF and our western partners as quick as possible."

More here:
EU Offers Ukraine More Loans If It Makes Promised Reforms

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