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    The seal of the International Monetary Fund is seen on a headquarters building in Washington

    IMF's Default Loan Decision Aims to Hurt Russia - Finance Minister

    © AFP 2019 / MANDEL NGAN
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    Crisis in Ukraine (116)
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    A decision by the International Monetary Fund to allow Kiev to default on its $3-billion debt to Moscow is meant specifically to hurt Russia, Finance Minister Anton Siluanov said Tuesday.

    MOSCOW (Sputnik) — The IMF board of directors voted earlier on Tuesday to reform lending policies in order to allow countries to borrow money even if they default on their obligations to bilateral creditors.

    "The decision on reforms of lending policies looks hasty and biased. It's taken solely to hurt Russia and legally allow Ukraine to default on its debts," Siluanov told reporters in Moscow.

    Siluanov added that Russia has now choice but to use all means to defend its rights as creditor.

    "We are preparing to file a lawsuit."

    The reform allows the IMF to proceed with Ukraine's bailout program even after a potential default by Kiev on its $3-billion debt to Russia, which is required to be paid back by the end of 2015.

    Ukraine’s debt amounts to $70 billion of which some $40 billion the country owes to foreign money lenders.

    In November, Russian President Vladimir Putin said Moscow was ready to let Ukraine miss the end of 2015 deadline, provided it paid back $1 billion annually between 2016 and 2018.

    Topic:
    Crisis in Ukraine (116)

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