Holding of systemic reforms will allow Ukraine to do without credits of the International Monetary Fund.

Bleyzer Foundation Executive Director Oleh Ustenko has said in comments to UKRINFORM.

"Would we actively continue reformation, it would be quite possible to exist wonderfully without a cooperation program with the IMF," Ustenko said.

He underscored that Ukraine, in any case, has to solve those issues, which remain unsolved with the IMF, and ideally, to liquidate deficit of NJSC Naftogaz, to continue balancing with the budget and to keep deficit at the planned level. "In general, it is necessary to do what the International Monetary Fund advises, but at the same time, not to take money from it. In this case, they will stand as auditors, not as donors," the expert explained.

At the same time, he noted that in 2012, Ukraine has considerable need in external financing. Renewal of the IMF cooperation program would considerably facilitate possibility of refinancing accrued external debts for the Ukrainian private sector. "Today, absence of the cooperation program with the IMF is not critical for the country, but if this issue is not solved systemically, it continues to create risks for the Ukrainian economy," the Bleyzer Foundation Executive Director emphasized.

In addition, the IMF program facilitates access of the state to international markets of capital borrowings. "I would propose that with the IMF program insurance will drop for risks of working in Ukraine, respectively cost of borrowings will drop by 3 percentage points for the state of Ukraine. In other words, we would borrow under 6-7%," Ustenko believes.

As reported by the agency, World Bank President Philippe Le Houerou has said that Ukraine can do without the IMF urgent credit.

Ukrinform