March 31, 2014 / 10:01 AM / 4 years ago

IMF is "positive" over Ukraine commitment to reform

LONDON, March 31 (Reuters) - Ukraine is showing a willingness and understanding of the need to reform its economy but Russia’s short-term economic prospects are disappointing, the International Monetary Fund’s European head said on Monday.

“I now see a willingness, a preparedness and understanding of what needs to be done. We will see if they can deliver it but the initial sense of action and commitment is good,” Reza Moghadam, IMF Europe’s director, told City Week 2014 conference in response to a question on Ukraine.

“I am rather positive,” Moghadam added.

Turning to Russia, he said the IMF was already revising down its growth projections for the country even before developments in Ukraine.

“Irrespective of geopolitical crises we have some concerns about the capacity of Russia to meet its full potential,” Moghadam said.

The short-term growth prospects for Russia is “very disappointing”, he added.

Reporting by Marc Jones and Huw Jones

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