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IMF secures reform commitment from Ukraine after bailout warning

Genya Savilov, AFP | Ukrainian President Petro Poroshenko shows a document during his press conference in Kiev on January 14, 2015.

Ukraine's president on Thursday told the International Monetary Fund he was committed to pursuing reforms to keep Kiev's $17.5 billion IMF bailout on track, after a sharp warning from the lender that the funds were at risk.

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"Without a substantial new effort to invigorate governance reforms and fight corruption, it is hard to see how the IMF-supported program can continue and be successful," IMF chief Christine Lagarde said in a statement.

In an apparent reference to Abromavicius's complaint that vested interests still dominated Ukrainian policymaking, Lagarde said she was concerned about slow progress on corruption.

Later, however, Lagarde and Ukrainian President Petro Poroshenko spoke by telephone and agreed to draw up a "roadmap" aimed at keeping reforms moving forward.

"The president noted the necessity of rebooting the government without snap elections, which would only deepen the political crisis and worsen conditions for carrying out reform," a statement on Poroshenko's official website said.

In a separate statement, Lagarde said Poroshenko "reassured me of his unwavering commitment to reforms, including improving governance and fighting corruption."
"We agreed on the principle of a roadmap of actions and priority measures to ensure prompt progress," she said.

(REUTERS)

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