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Russia to offer part of its financial aid to Ukraine as SDR loan

Russian Prime Minister Dmitry Medvedev does not rule out that a portion of financial aid to Ukraine could be offered as an SDR (Special Drawing Right) loan.

"The money [to help Ukraine] will be partially taken from the National Welfare Fund," Medvedev told journalists on Friday. "Apart from that, we are discussing possible use of other resources, including an SDR loan."

Medvedev noted that SDR was a quasi-currency that could be used to pay to the International Monetary Fund (IMF). Moreover, SDR could be sold, if need be, he added.

After the Russian-Ukrainian consultations on December 17, Russian President Vladimir Putin said that Russia would place some 15 billion U.S. dollars from its reserves in Ukrainian government securities. On December 24, Russia purchased the first tranche of Ukrainian sovereign bonds to a sum of three billion U.S. dollars.

Medvedev also said that partners in Ukraine and Belarus [Russia has promised a monetary aid to that country worth up to two billion U.S. dollars] would provide sovereign guarantees to secure Russian loans. "Whoever is elected president in Ukraine and Belarus in future, we will be able to employ any accessible means to have this money back, since they have ultimate liability for these loans," he noted.

The Russian prime minister admitted that Ukraine's current ratings were not very good. "But I am sure the situation will improve sooner or later - Ukraine is a self-sufficient state, it has a population of 40 million, it has a good industrial sector, which however is to be revived," he said. "In this sense, this is not a loan to some odd state." He also noted that Russia was interested in the revival of Russian-Ukrainian economic ties. "In any case, our partners say they are not going to spend this money to cover cash deficiency only but plan to launch a number of industrial facilities," Medvedev added.

"We hope that this money will be used to revive the Ukrainian economy," he stressed.

[Source: Itar Tass, Moscow, 27Dec13]

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small logoThis document has been published on 30Dec13 by the Equipo Nizkor and Derechos Human Rights. In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.