WASHINGTON (AFP) – IMF chief Christine Lagarde said Friday that Ukraine cannot use its central bank reserves to pay creditors, rebuffing a suggestion by bondholders that it do so.The reserves of the National Bank of Ukraine cannot be used for sovereign debt service without the government incurring new debt, which runs against the aims of the IMF bailout program for the troubled country, Lagarde said.Lagarde insisted that the countrys private creditors need to move ahead with negotiations on cutting the countrys debt burden, as envisaged in the $40 billion bailout program set in March.Of that, $17.5 billion is in loans …read more
Source: Dunya TV
