22:31 GMT05 May 2021
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    The Russian representative at the IMF will vote against granting a new loan to Ukraine, RIA Novosti reported citing Finance Minister Anton Siluanov.

    “Today we will instruct our representative at the International Monetary Fund to vote against a decision to lend more money to Ukraine because we see it as running counter to the Fund’s standing rules,” Siluanov said during a news briefing on Monday.

    He also described as “unfounded” an earlier statement by the IMF that Ukraine had allegedly met all the necessary requirements for obtaining another tranche, adding that the IMF had violated its own regulations.

    Siluanov said that, as a full member of the IMF, Russia had the right to vote and would stand by its position.

    “Just how exactly [the IMF managing directors] are going to decide is hard to say. All I know is that the majority of them may think otherwise and that Russia’s voice will not be decisive there,” Siluanov noted.

    The IMF will meet on Wednesday to decide on the disbursement of another $17.5 billion loan to Kiev in addition to the $5 billion it lined up in March 2015 and a second, $1.7 billion, tranche released in August 2015 as part of a four-year financial bailout plan.

    The release of the third instalment was held up by the political crisis in Ukraine, but the IMF later confirmed its decision to work with Kiev following the resignation of then Prime Minister Arseniy Yatsenyuk and his replacement by Volodymyr Groysman.


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