(Adds further comments, background)
By Lidia Kelly and Anna Yukhananov
WASHINGTON, April 10 Ukraine Finance Minister
Oleksander Shlapak said on Thursday that Kiev has fulfilled all
conditions to receive the first portion of the financial aid
package from the International Monetary Fund.
"We're here to speak in more specific terms about time and
conditions of (international) support," Shlapak told journalists
on the sidelines of the World Bank-IMF spring meeting in
"Moreover, Ukraine has fulfilled all the conditions set by
the IMF for the first tranche."
The IMF agreed in late March to a $14 billion-$18 billion
two-year bailout for Ukraine, a deal to help it recover from
months of turmoil that will also unlock further credits making a
total of $27 billion.
The Fund's executive board has yet to approve the
distribution of the programme, but Fund Managing Director
Christine Lagarde said on Thursday the board is likely to
consider it by early May at the latest.
Ukraine's Shlapak said Kiev had to fulfil 13 IMF conditions
in order to receive the money, including ones referring to
monetary policy, liquidity requirements, banks' recapitalisation
and a stress test of 35 banks.
"We have met all theses conditions," National Bank of
Ukraine Governor Stepan Kubiv said at the same briefing.
Both Kubiv and Shlapak said that the first tranche of the
money will not be used to repay debts to Russia. Moscow claims
that Kiev owes it $2.2 billion for supplies of natural gas.
"The money that we will receive will be divided between the
reserves of the National Bank and the state budget and this
money will be targeted so we don't plan to spend it on repaying
debts to Russia," Shlapak said. "At least the first portion of
They also said that the steps taken by the West against
Russia over Moscow's seizure of the Crimea region of Ukraine
are not enough. Washington and the European Union have imposed
visa bans and asset freezes on a group of Russians and
"We will ask for sanctions that are related to Russia's
policies and economic actions, because Russia conducts its
actions in a non-market manner and it dictates non-market
prices," Kubiv said.
"I think you saw how the Russians are simply laughing
because of the sanctions introduced by the United States and
Europe," Shlapak added.
Both Kubiv and Shlapak said that they are disappointed with
the statement issued by the Group of 7 largest economies on
Thursday, in which the group failed to directly address the
conflict between Russia and Ukraine.
"Today, Russia violates laws against Ukraine," Kubiv said.
"Tomorrow it will violate laws against other countries of the
(Reporting by Lidia Kelly and Anna Yukhananov; Editing by Eric
Walsh and Ken Wills)