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| Identifier | Subject | Date | Office | Classification | Tags |
|---|---|---|---|---|---|
| 08KYIV2142 |
HISTORICAL IMF PACKAGE IMMINENT, MAY NOT BE ENOUGH [...] (C) Summary. IMF chief envoy Ceyla Pazarbasioglu told the Ambassador on October 25 that Ukraine,s IMF package may amount to the second largest ever in IMF history and would be likely finalized soon, possibly as early as this weekend. She stated that implementation of the assistance package wo [...] |
2008-10-25 18:45:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PREL XH UP |
| 08KYIV2198 |
IMF SET TO APPROVE UKRAINE PACKAGE, DESPITE [...] (C) Summary. The IMF and the government of Ukraine (GOU) "have agreement" on the provisions of a $16.5 billion stand-by package. The IMF's Kyiv-based resident representative is "relatively positive" Ukraine's anti-crisis legislation will pass muster for the IMF Executive Board, when it consi [...] |
2008-11-04 17:12:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PREL XH UP |
| 08KYIV2207 |
UKRAINE: PROMINVESTBANK FAILURE TEST CASE FOR NBU [...] (C) Summary and comment: Liquidity problems, a run on deposits, and a possible corporate hijacking at Prominvestbank, Ukraine's sixth largest bank, last month contributed to the run on other Ukrainian banks, which were already jittery due to the world financial crisis (refs). The Acting Chai [...] |
2008-11-06 12:59:00 | Embassy Kyiv | CONFIDENTIAL//NOFORN | EFIN EREL ETRD PGOV PREL XH UP |
| 08KYIV2294 |
UKRAINE: FIRTASH USES CRISIS TO EXPAND INTO BANKING [...] (C) Summary. Dmitry Firtash, one of Ukraine's most wealthy and notorious oligarchs, plans to buy a controlling stake in Nadra Bank, Ukraine's seventh largest bank. The acquisition of Nadra, which will join Firtash's international holding company (Group DF) when the deal is final, would be Firtash's [...] |
2008-11-21 14:48:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PREL XH UP |
| 08KYIV2412 |
UKRAINE FINANCE MINISTER'S PECULIAR AVOWALS [...] (C) Summary. Ukraine's Minister of Finance Viktor Pynzenyk told the Ambassador on December 4 that a change of leadership at the National Bank of Ukraine (NBU) is necessary to stabilize the country's faltering economy. Alluding to what he said was an inept inter-agency anti-crisis team, he d [...] |
2008-12-09 16:32:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PREL XH UP |
| 08KYIV2413 |
UKRAINE "NOT YET THERE" ON 2009 BALANCED BUDGET [...] (SBU) Summary. The Ministry of Finance has granted a preview of the draft 2009 budget to the IMF and World Bank. The World Bank told us the GOU foresees a 2009 budget deficit equal to 0.3 percent of GDP. After studying the draft, however, the World Bank puts the deficit at 0.8 percent of G [...] |
2008-12-09 16:49:00 | Embassy Kyiv | UNCLASSIFIED | EFIN EREL ETRD PGOV PREL XH UP |
| 08KYIV2434 |
UNSTEADY UKRAINE RESPONSE WORRIES IMF TEAM [...] (C) Summary. An IMF team led by Ceyla Pazarbasioglu, in Kyiv to assess Ukrainian implementation of the Fund's $16.4 billion Stand-By Arrangement (SBA), offered mixed reviews of GOU anti-crisis efforts during her December 10 meeting with the Ambassador. Pazarbasioglu complimented Minister of [...] |
2008-12-11 15:41:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PREL XH UP |
| 08KYIV2487 |
"CYNICAL" PM BLASTS "INFLEXIBLE" UKRAINE BANK CHIEF [...] (C) Summary. Ukraine's Prime Minister Yulia Tymoshenko lashed out at the National Bank of Ukraine (NBU) on December 18, calling for the resignation of NBU Governor Volodymyr Stelmakh and lobbing stinging criticisms at NBU exchange rate policy. Although Tymoshenko has denounced the NBU chief [...] |
2008-12-19 16:31:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PREL XH UP |
| 08KYIV2532 |
IMF NEGATIVE ON UKRAINE BUDGET BOMB [...] (SBU) Summary. The local IMF office has unofficially told us that the 2009 budget is "quite negative" and likened the budget's failure to reign in pension outlays to an "exploding bomb." According to the IMF, the 2009 budget is based on unrealistic macroeconomic projections and a 2.97 percent [...] |
2008-12-30 15:25:00 | Embassy Kyiv | UNCLASSIFIED//FOR OFFICIAL USE ONLY | EFIN EREL ECON ETRD PGOV PREL XH UP |
| 08KYIV2538 |
UKRAINE PRESIDENT AND PM APPEAL TO IMF [...] (SBU) Summary. In an unusual display of cooperation, Ukrainian President Viktor Yushchenko and Prime Minister Yulia Tymoshenko sent a joint letter (full text below) to IMF Managing Director Dominique Strauss-Kahn on December 30, confirming their intention to adhere to IMF conditionalities. S [...] |
2008-12-31 10:48:00 | Embassy Kyiv | UNCLASSIFIED//FOR OFFICIAL USE ONLY | EFIN EREL ECON ETRD PGOV PREL XH UP |
| 08PARIS2178 |
BURMA: FRANCE CONCERNED ABOUT BANK MEASURES IN EU [...] (C) France wants to adjust EU sanctions on Burma to address banking sector concerns but will not accept any weakening of measures against the Junta, MFA DAS- equivalent for Southeast Asia Frederic Laplanche told us December 1 in response to reftel points. With respect to restructuring specif [...] |
2008-12-02 12:55:00 | Embassy Paris | CONFIDENTIAL | PREL PGOV EREL ETTC EFIN FR EU MY |
| 09CHISINAU1003 |
ECONOMIC AND POLITICAL CRISES NECESSITATE [...] (SBU) SUMMARY: The previous Party of Communists (PCRM)-dominated Parliament adopted Moldova's initial state budget for 2009 with positive forecasts for GDP growth and receipts. However, the new government of Moldova (GOM) inherited a GDP drop of minus nine percent for 2009, falling revenues, [...] |
2009-12-30 12:20:00 | Embassy Chisinau | UNCLASSIFIED//FOR OFFICIAL USE ONLY | ECON EFIN EINV EREL ETRD MD |
| 09CHISINAU330 |
MOLDOVAN 2008 MACROECONOMIC OVERVIEW [...] (SBU) SUMMARY: Economic growth continued to be strong in Moldova in 2008, according to recently released official statistics, with GDP growing 7.2 percent. However, economic trends were not uniform during the year and fourth quarter data reflected the increasing impact of the world economi [...] |
2009-04-24 14:43:00 | Embassy Chisinau | UNCLASSIFIED | ECON EFIN EINV EREL ETRD MD |
| 09CHISINAU485 |
CRITICAL ECONOMIC TIMES: IMF MISSION PACKS UP AND GOES [...] (SBU) SUMMARY: An IMF mission visited Moldova from May 28 to June 8 to negotiate a new agreement. Following unproductive discussions with Government of Moldova (GOM) officials, the mission departed without a new arrangement. The IMF projected that Moldova's GDP would decrease nine percent or [...] |
2009-06-22 13:47:00 | Embassy Chisinau | UNCLASSIFIED//FOR OFFICIAL USE ONLY | ECON EFIN EINV EREL ETRD MD |
| 09CHISINAU493 |
VORONIN VISITS MOSCOW AND RETURNS WITH USD 500 [...] (SBU) SUMMARY: President Vladimir Voronin traveled to Moscow on June 22, and held bilateral meetings with both President Dmitrii Medvedev and Prime Minister Vladimir Putin. Following his talks with Voronin, Putin announced a USD 500 million credit to Moldova. Some media reports quoted Putin [...] |
2009-06-25 14:14:00 | Embassy Chisinau | UNCLASSIFIED//FOR OFFICIAL USE ONLY | ECON EFIN EINV EREL ETRD MD |
| 09CHISINAU496 |
WORSENING ECONOMIC INDICATORS FOR [...] (SBU) Summary: In October 2008, the outlook for Moldova's economy was still positive for 2009. Since that forecast the economic situation for the entire region has deteriorated dramatically. The Moldovan National Bureau of Statistics (NBS) published numbers for the first quarter, underscori [...] |
2009-06-26 11:00:00 | Embassy Chisinau | UNCLASSIFIED | ECON EFIN EINV EREL ETRD MD |
| 09CHISINAU497 |
MOLDOVAN INVESTPRIVATBANK FALLS [...] (SBU) SUMMARY: The National Bank of Moldova, the country's central bank, withdrew the license of Investprivatbank (IPB) on Friday, June 19. The central bank issued a statement citing banking law violations and added that it had appointed an administrator to liquidate the bank. Moldovan aut [...] |
2009-06-26 11:01:00 | Embassy Chisinau | UNCLASSIFIED//FOR OFFICIAL USE ONLY | ECON EFIN EINV EREL ETRD MD |
| 09CHISINAU530 |
IMF AND WORLD BANK REPS SEE BLEAK [...] (SBU) SUMMARY: At a donors' meeting on June 25, IMF Resident Representative, Johan Mathisen, and World Bank Country Manager, Melanie Marlett, assessed the current status of the Moldovan economy as bleak and reviewed possible measures to assist Moldova. The IMF projects a GDP contraction of [...] |
2009-07-07 13:54:00 | Embassy Chisinau | UNCLASSIFIED//FOR OFFICIAL USE ONLY | ECON EFIN EINV EREL ETRD MD |
| 09KYIV1345 |
UKRAINE MINFIN ON BANK RECAPITALIZATION [...] (SBU) Summary. Ukraine's Ministry of Finance confirmed to us that recently nationalized UkrHaz and Rodovid banks, the 17th and 20th largest in Ukraine respectively, would soon receive new management and supervisory boards. The period of temporary administration would be extended at a third G [...] |
2009-08-13 14:45:00 | Embassy Kyiv | UNCLASSIFIED//FOR OFFICIAL USE ONLY | EFIN EREL ECON ETRD PGOV PREL XH UP |
| 09KYIV140 |
FAULTLINES IN UKRAINE'S BANKING SYSTEM [...] (SBU) Summary. IMF representatives indicated to us that the first diagnostic audits of Ukraine's banking sector were completed on January 22. In the IMF's view, the audits show that none of Ukraine's seventeen largest banks has enough capital to meet an expected deterioration of loan portfol [...] |
2009-01-23 15:55:00 | Embassy Kyiv | UNCLASSIFIED//FOR OFFICIAL USE ONLY | EFIN EREL ETRD PGOV PREL XH UP |
| 09KYIV1434 |
IMF MAY EXPAND IN UKRAINE, DESPITE LACK OF REFORMS [...] (C) Summary. With Ukraine's sovereign debt reaching 30 percent of GDP, primarily in short- to medium-term instruments, and doubts increasing about Ukraine's intentions to implement macroeconomic reforms, many in Kyiv are predicting the need for continued IMF lending beyond the current program [...] |
2009-08-21 15:10:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PREL UP XH |
| 09KYIV1472 |
UKRAINE: NAFTOHAZ FOREIGN DEBT LIKELY TO BE [...] (C) Summary. Naftohaz's $500 million Eurobond, due September 30, will likely be restructured into a new $1.75 billion bond instrument backed by a sovereign guarantee. The new instrument would also incorporate $1.25 billion in bilateral debt that Naftohaz owes to four foreign banks that come [...] |
2009-08-28 17:01:00 | Embassy Kyiv | CONFIDENTIAL | EFIN ETRD PGOV PREL EREL EPET ECON ENRG UA |
| 09KYIV1487 |
UKRAINE: TYMOSHENKO PLEDGES NO GAS PRICE HIKE [...] (SBU) Summary. At a road opening event in Western Ukraine on August 25, Prime Minister Tymoshenko stated that gas prices would not increase for the population this year. Tymoshenko's statement appears to contradict her earlier commitments to international donors to raise gas prices for househ [...] |
2009-08-31 15:12:00 | Embassy Kyiv | CONFIDENTIAL | EPET ECON EFIN ENRG EREL PGOV PREL PINR UA |
| 09KYIV1511 |
WORLD BANK ON IFI ENGAGEMENT IN UKRAINE [...] (C) Summary. The World Bank's Kyiv-based country director urged the international community to engage Ukraine during its pre-presidential election period, suggesting that a high-level E.U. and U.S. delegation could push authorities to abide by their commitments. He said that the opposition [...] |
2009-09-04 10:59:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PREL UP XH |
| 09KYIV1518 |
UKRAINE: TYMOSHENKO PROMISES A "GAS CHRISTMAS" [...] (SBU) Following talks with Russian Prime Minister Putin in Poland on September 1 (Ref A), Prime Minister Tymoshenko stated that Ukraine would not experience a gas crisis this January. Tymoshenko also stated that the gas transit fee charged to Russia's Gazprom would increase in 2010, contradict [...] |
2009-09-04 15:07:00 | Embassy Kyiv | CONFIDENTIAL | ECON ENRG EREL PGOV PREL PINR UA |
| 09KYIV1519 |
IMF SIGNALS UKRAINE PROGRAM OFF TRACK [...] (C) Summary. The IMF mission team concluded its visit in Kyiv on September 4 without a major public announcement, but close observers have acknowledged to us that the Fund's program may have gone off track. The visit was originally envisioned as a visit to provide technical assistance and o [...] |
2009-09-04 15:17:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PREL UP XH |
| 09KYIV1557 |
NATIONAL BANK CAUGHT IN UKRAINIAN POLITICS [...] (SBU) Summary. The ongoing dispute between Ukrainian government authorities and the National Bank of Ukraine (NBU) escalated this week, when the Ministry of Interior interrogated NBU deputy governor Anatoliy Shapovalov over recent fluctuations of the hryvnia exchange rate. Controversial Inte [...] |
2009-09-11 15:59:00 | Embassy Kyiv | UNCLASSIFIED//FOR OFFICIAL USE ONLY | EFIN EREL ELAB ECON ETRD PGOV PREL XH UP |
| 09KYIV1602 |
TYMOSHENKO'S CONTROVERSIAL 2010 BUDGET [...] (SBU) Summary: Ukrainian Prime Minister Yulia Tymoshenko's draft 2010 budget projects a deficit equivalent to 4% of GDP (exclusive of funds for bank recapitalization) and contains moderate increases in social spending, as well as provisions for transfers to economic sectors hit by the country' [...] |
2009-09-17 13:39:00 | Embassy Kyiv | UNCLASSIFIED//FOR OFFICIAL USE ONLY | EFIN EREL ELAB ECON ETRD PGOV PREL XH UP |
| 09KYIV1611 |
CONCERNS ON UKRAINE'S 2009 BUDGET DEFICIT [...] (SBU) Summary. Extensive government manipulation of the budget and coerced advance payment of corporate taxes have kept Ukraine in the black so far this year, but revenue from these measures is exhausted and the Government of Ukraine (GOU) has numerous outlays in the balance of the year. Anal [...] |
2009-09-18 15:38:00 | Embassy Kyiv | UNCLASSIFIED//FOR OFFICIAL USE ONLY | EFIN EREL ELAB ECON ETRD PGOV PREL XH UP |
| 09KYIV1656 |
UKRAINE: NO EXPECTATIONS FOR A GAS PRICE INCREASE [...] (C) Summary. Despite apparent renewed pledges from Prime Minister Tymoshenko to the IMF that a 20 percent gas price increase for households would take place on October 15, the message from our Ukrainian interlocutors is that a gas price increase will not happen. Vitaliy Hayduk, head of Tymos [...] |
2009-09-29 08:33:00 | Embassy Kyiv | CONFIDENTIAL | EPET ECON EFIN ENRG EREL PGOV PREL PINR UA |
| 09KYIV1760 |
TYMOSHENKO'S NBU DISPUTES DEEPEN [...] (C) Summary. A dispute between the National Bank of Ukraine (NBU) and Prime Minister Tymoshenko's government has escalated in recent days. At stake is the future of a major Ukrainian bank under temporary administration as well as the potential for additional capital infusions into two smalle [...] |
2009-10-13 13:21:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PREL UP XH |
| 09KYIV1761 |
U.S.-UKRAINE ENERGY SECURITY WORKING GROUP [...] (SBU) Summary: Ukraine welcomes the opportunity to discuss a broad range of energy-related issues with Ambassador Morningstar and DOE co-hosts at the upcoming Energy Security Working Group meeting, tentatively scheduled for October 28. Minister of Foreign Affairs Ambassador-at-Large for Ener [...] |
2009-10-13 13:33:00 | Embassy Kyiv | UNCLASSIFIED//FOR OFFICIAL USE ONLY | ENRG ECON EFIN EREL PINR UA |
| 09KYIV1777 |
EXTORTION, BRIBES, AND THREATS: A KYIV BANKER'S [...] (C) Summary. Second-tier oligarchs and members of the Ukrainian parliament are extorting from the country's banks and threatening bankers, said a representative of Austrian-owned Raiffeisen Aval. The powerful borrowers act with impunity, having paid off the court system to evade their debt [...] |
2009-10-15 17:54:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PREL UP XH |
| 09KYIV1780 |
UKRAINE: NAFTOHAZ REFORMS UNLIKELY [...] (SBU) Summary. In meetings with Naftohaz Chairman Oleh Dubyna and PM Tymoshenko Energy Advisor Vitaliy Hayduk in late September both stated that the structural reform of the gas sector was unlikely, even unnecessary. Dubyna stated that he would not support the unbundling of Ukraine's gas tra [...] |
2009-10-16 13:49:00 | Embassy Kyiv | UNCLASSIFIED//FOR OFFICIAL USE ONLY | EPET ECON EFIN ENRG EREL PGOV PREL PINR UA |
| 09KYIV1826 |
BRAINS BEHIND TYMOSHENKO'S BANKING DECISIONS [...] (C) Summary. Despite his modest title at Ukraine's Ministry of Finance, Timur Bagirov has emerged as an intellectual force in the Tymoshenko government. By his own account, he serves as the Prime Minister's personal advisor on banking sector issues and is often asked to explain detailed fin [...] |
2009-10-20 13:06:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PINR UP XH |
| 09KYIV1828 |
UKRAINE: MINISTRY OF FUEL AND ENERGY ON ENERGY [...] (U) This is an action request. Please see para 7. 2. (SBU) Summary: Deputy Minister of Fuel and Energy Sergiy Pavlusha confirmed that Ukraine was planning to send an interagency delegation, including representatives from state-owned energy companies Naftohaz and Energoatom, to the schedule [...] |
2009-10-20 14:45:00 | Embassy Kyiv | UNCLASSIFIED//FOR OFFICIAL USE ONLY | ENRG ECON EFIN EREL PREL PGOV UP |
| 09KYIV1835 |
KYIV POPULISM COULD TRIGGER "FISCAL DEVASTATION" [...] (SBU) Summary. Ukraine's shaky IMF program took another direct hit, after the Rada (parliament) enacted legislation to significantly increase budget spending for pensions and public sector wages. The IMF said the measure would lead to "fiscal devastation," while the World Bank estimated an [...] |
2009-10-21 15:23:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PINR UP XH |
| 09KYIV1837 |
UKRAINE: DIVERSIFYING THE NUCLEAR POWER SECTOR [...] (SBU) Summary: Ukraine's energy dependence on Russia is not limited to gas. Russia provides 100% of Ukraine's nuclear fuel and stores 60% of its spent fuel, while Ukraine's nuclear sector generates approximately half of the country's electricity. U.S. Department of Energy (DoE) assistance to [...] |
2009-10-22 14:22:00 | Embassy Kyiv | UNCLASSIFIED//FOR OFFICIAL USE ONLY | ENRG ECON EFIN EREL PREL PGOV UP |
| 09KYIV1878 |
IMF AT ANOTHER UKRAINE IMPASSE [...] (C) Summary. Negotiations between the IMF and Ukrainian authorities appear to have stalled over a bloated budget and the uncertain fate of a new social spending law which, if signed by the President, would represent a "red line" for the Fund. According to the IMF's Kyiv-based resident repre [...] |
2009-10-27 15:54:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PINR UP XH |
| 09KYIV1888 |
PRESIDENT UNWILLING TO VETO BUDGET-BUSTING BILL [...] (C) Summary and comment: Putting the next IMF tranche in greater jeopardy, President Yuschenko indicated October 28 that he would not veto a pensions and wages spending bill that would add another $337 million to the government deficit in 2009 and $4.7 billion (or about 4% of GDP) in 2010, by [...] |
2009-10-29 15:05:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL PREL PGOV UP |
| 09KYIV1910 |
GOU BROKE, NATIONAL BANK KEY TO UPCOMING GAS [...] (C) Summary. Ukrainian government coffers are all but empty and Naftohaz is unlikely to be able to meet upcoming gas payment obligations without support from the National Bank of Ukraine (NBU). Analysts forecast that the government needs to find $2.5 - $3.75 billion to cover expenses for the [...] |
2009-11-04 14:18:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ECON PREL UP |
| 09KYIV1916 |
NBU REFUSES TO CONCEDE ON NAFTOHAZ AND UKRAINE [...] (C) Summary. The National Bank of Ukraine (NBU) will continue to refuse to monetize government of Ukraine debt, despite a near empty GOU treasury and "psychological pressure" from Russia to make payments to Gazprom. In the NBU's view, the GOU will have enough resources via special IMF alloc [...] |
2009-11-05 16:41:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PINR UP XH |
| 09KYIV1920 |
UKRAINE BUDGET MEASURE: A DARKER SHADE OF RED [...] (SBU) Summary. The Rada (Ukraine's parliament) adopted amendments to the 2009 budget that will allow implementation of the so-called social standards law. The move is likely to further destabilize Ukraine's partnership with the IMF, whose mission team had walked away from Kyiv in October, de [...] |
2009-11-06 13:53:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PINR UP XH |
| 09KYIV1943 |
UKRAINE MINFIN ECONOMIST WANTS REFORM [...] (C) Summary. The new social spending law, which increases wages and pensions, would be disastrous for Ukraine's economic recovery, according to Volodymyr Parnyyuk, a leading Ministry of Finance economist. Even without the social spending increases, the GOU is facing a $3.75 billion or larger [...] |
2009-11-09 12:45:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ECON PREL UP |
| 09KYIV1981 |
UKRAINE: NAFTOHAZ OPTIONS FOR GAS PAYMENTS [...] (C) Summary. Ukraine is expected to need about $1 billion to cover gas purchased from Russia in November and December. Prime Minister Tymoshenko has called on President Yushchenko to allow the National Bank of Ukraine (NBU) to make its foreign currency reserves available for the gas payments. [...] |
2009-11-13 11:16:00 | Embassy Kyiv | CONFIDENTIAL | ECON EFIN ENRG EREL PGOV PREL PINR UA RU |
| 09KYIV1982 |
TYMOSHENKO'S DESPERATE BUDGET SCRAMBLE [...] (C) Summary. Members of parliament (MPs), the Cabinet of Ministers, and the Ministry of Finance doubt there will be any movement on Ukraine's draft 2010 budget before the presidential election, despite cajoling statements from Rada Speaker Volodymyr Lytvyn. With the IMF's fourth loan tranche [...] |
2009-11-13 13:26:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PINR UP XH |
| 09KYIV1984 |
WAKING UP TO UKRAINE'S FISCAL NIGHTMARE [...] (C) Summary. Payment delays have begun in Ukraine's regions and will get much worse in December 2009. January and February 2010 will be even darker, with no near-term causes for optimism in sight. Analysts from the IMF, World Bank, and EBRD ominously predict that, while social payments wil [...] |
2009-11-13 13:41:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PINR UP XH |
| 09KYIV2021 |
CONCLUDING THE SAGA OF UKRAINE'S MOST TROUBLED BANK [...] (SBU) Summary. Nadra Bank, the much troubled Ukrainian financial institution, may be close to finalizing a deal with at least 75% of its external creditors, who hold $570 million of Nadra's total debt. Nonetheless, the Ukrainian government is giving signals that it could be changing tack and [...] |
2009-11-20 04:15:00 | Embassy Kyiv | UNCLASSIFIED//FOR OFFICIAL USE ONLY | EFIN EREL ELAB ECON ETRD PGOV PREL XH UP |
| 09KYIV2057 |
MORE UKRAINE BUDGET DRAMA [...] (SBU) Summary. After weeks of dithering, Ukraine's parliamentary budget committee approved hundreds of proposed amendments, only to see the draft 2010 budget get voted down in the Rada (Ukraine's parliament) on a floor vote. This orchestrated maneuver, designed to further delay the review pr [...] |
2009-11-25 13:26:00 | Embassy Kyiv | UNCLASSIFIED//FOR OFFICIAL USE ONLY | EFIN EREL ELAB ECON ETRD PGOV PREL XH UP |
| 09KYIV2062 |
UKRAINE: KEEN TO PRESERVE STATUS QUO ON CLIMATE [...] (SBU) Summary. Ukraine's position on climate change is to preserve the current Kyoto Protocol-based status quo. The country has reduced its greenhouse gas emissions by more than 50 percent since 1990 -- largely as a result of its post-Soviet industrial collapse -- and has become a beneficiar [...] |
2009-11-25 14:07:00 | Embassy Kyiv | UNCLASSIFIED//FOR OFFICIAL USE ONLY | SENV KGHG EREL PREL XH UP |
| 09KYIV2102 |
TYMOSHENKO'S IMF SALVAGE OPERATION [...] (C) Summary. Ukrainian Prime Minister Tymoshenko dispatched Deputy Prime Minister Nemyria and Acting Finance Minister Umanskiy to Washington for meetings with IMF Managing Director Dominique Strauss-Kahn and high-level USG officials. Bearing a Letter of Intent (LOI) with three signatures -- [...] |
2009-12-07 14:03:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PINR UP XH |
| 09KYIV2130 |
"URGENT" WORRIES FROM UKRAINE FINANCE MINISTRY [...] (C) Ukrainian Deputy Minister of Finance Andriy Kravets notified the embassy on December 11 that Foreign Minister Poroshenko was planning today to ask IMF first deputy managing director John Lipsky to consider including Ukraine on the agenda of the next IMF board meeting. Poroshenko had rece [...] |
2009-12-11 10:52:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PINR UP XH |
| 09KYIV2133 |
UKRAINE'S "SCARE TACTICS" OVER IMF LOAN [...] (C) Summary. Kyiv-based IMF resident representative Max Alier told Econoff on December 11 that GOU representatives deliberately misled Ukrainian and international media outlets into believing that Ukraine had met the IMF's "primary demands" for releasing a fourth loan tranche. Alier reitera [...] |
2009-12-14 12:19:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PINR UP XH |
| 09KYIV2135 |
UKRAINE FOREIGN MINISTER'S CASE FOR IMF LOAN [...] (C) Summary. Ukrainian Foreign Minister Poroshenko described meetings with IMF deputy managing director Lipsky as "not constructive" and relations more generally with the IMF as "very bad". Poroshenko told the Ambassador on December 13 that he had weighed in with the Constitutional Court to [...] |
2009-12-15 12:47:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PINR UP XH |
| 09KYIV2140 |
DPM NEMYRIA'S CASE FOR UKRAINE IMF TRANCHE [...] (C) Summary. Deputy Prime Minister Nemyria made a strong pitch to the Ambassador for the disbursement of a fourth IMF loan tranche to Ukraine. He talked of unreasonable IMF demands for the passage of a 2010 budget, explained why the central bank could not monetize for budget and gas payments [...] |
2009-12-16 13:24:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PINR UP XH |
| 09KYIV2147 |
UKRAINIAN FINANCE MINISTRY GRIM ON BUDGET [...] (C) Summary. In preparation for DPM Nemyria's talks with IMF officials on December 17 and 18 (ref A), the GOU's top budget experts met with Kyiv-based IMF resident representative Max Alier to reconcile revenue and expenditure figures for 2009 and the first quarter of 2010. Talking separatel [...] |
2009-12-17 13:15:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PINR UP XH |
| 09KYIV2168 |
ALFA BANK CONFIRMS NAFTOHAZ SYNDICATED LOAN TALKS [...] (C) Kyiv-based Alfa Bank executive Ivan Yurik confirmed to Econoff on December 18 that Russian banks were in final-stage negotiations over a syndicated loan to Ukrainian state energy company Naftohaz. The loan would likely cover Ukraine's January 7 and February 7 payments to Gazprom, Yurik b [...] |
2009-12-18 12:14:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PINR UP XH |
| 09KYIV2171 |
TALE OF TWO DEFAULTS: THE UKRZALIZNYTSA DEBT [...] (C) Summary. Following market angst over the possibility of a Ukrainian sovereign default, negotiations have resumed between creditors and Ukrzaliznytsa, the Ukrainian state-owned railway company, whose subsidiaries recently defaulted on a $110 million loan payment. An Ukrzaliznytsa advisor [...] |
2009-12-18 16:18:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PINR UP XH |
| 09KYIV2185 |
IMF TO "ALLOW" UKRAINE TO SPEND RESERVES [...] (C) Summary. Ukraine's Deputy Prime Minister Nemyrya is returning from Washington with QQf}4dg>Eey but the same reform requirements -- in 2010, after Ukraine's new President is elected. End Summary Government Seeking Cover for the NBU to Monetize ------------------------------------------ [...] |
2009-12-23 10:42:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL PGOV UP |
| 09KYIV2219 |
UKRAINE: NAFTOHAZ SEES PAYMENT DIFFICULTIES [...] (C) Summary. Naftohaz Chairman Oleh Dubyna told the Ambassador on December 24 that without IMF funds, Naftohaz will have difficulty making the January 11 payment for December gas purchases. Dubyna appealed for the Ambassador to ask the IMF to instruct Ukraine's National Bank to issue $2 bill [...] |
2009-12-29 13:20:00 | Embassy Kyiv | CONFIDENTIAL | ECON ENRG EREL PGOV UA RU |
| 09KYIV229 |
UKRAINE ASKS A GUARDED IMF TO SUPPORT A BUDGET [...] (C) The IMF told the Ambassador on February 1 that the GOU says it cannot run a balanced budget this year. It has asked the IMF for flexibility on this key conditionality of the $16.4 billion loan package, Ceyla Pazarbasioglu, head of the IMF mission performing the first formal review of the l [...] |
2009-02-02 16:41:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD ECON PREL XH UP |
| 09KYIV265 |
UKRAINE: A $5 BILLION LOAN FROM RUSSIA IN THE [...] (C) Summary. Prime Minister Yulia Tymoshenko has confirmed that the GOU has held negotiations with Russia for a $5 billion loan to cover Ukraine's expected budget deficit in 2009. After details of the negotiations were leaked, Tymoshenko quickly asserted that discussions were only in very pr [...] |
2009-02-09 15:52:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PREL XH UP |
| 09KYIV311 |
TIGIPKO TAPPED UKRAINE CRISIS COORDINATOR [...] (C) Summary. Sergey Tigipko told the Ambassador on February 11 that he has accepted a position as PM Yulia Tymoshenko's Deputy Prime Minister for economic affairs. Tigipko's daunting task will be to coordinate the GOU's anti-crisis efforts, reaching across political divides that have thus fa [...] |
2009-02-13 14:33:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PREL XH UP |
| 09KYIV338 |
UKRAINE: TIGIPKO'S READY, BUT STILL NO DECISION ON [...] (C) Summary. Sergey Tigipko (a.k.a. Serhiy Tyhipko, see note on name transliteration in paragraph 6) told Econoff on February 19 that he is still being considered for a high-level position in Yulia Tymoshenko's government, though the situation remains fluid and no decisions on ministerial po [...] |
2009-02-19 15:57:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PREL XH UP |
| 09KYIV360 |
IMF COMPROMISE WOULD LEAVE SEVERE UKRAINE BUDGET [...] (C) Summary. Ukraine faces a glaring budget gap this year, even if it meets all IMF conditionalities and introduces severe budget discipline. The GOU has thus far failed to complete "prior actions" articulated by the IMF, necessary before the Fund can pay out the next tranche of its $16.4 bi [...] |
2009-02-24 12:37:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PREL XH UP |
| 09KYIV430 |
IMF UKRAINE PROGRAM IN JEOPARDY [...] (C) Summary. In the presence of G7 ambassadors and the World Bank, the Kyiv-based IMF resident representative told PM Yulia Tymoshenko on March 5 that there would be "little benefit" in the mission team returning to Ukraine without greater progress on the Fund's conditionalities. Despite a [...] |
2009-03-06 18:32:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PREL XH UP |
| 09KYIV471 |
UKRAINE: POLITICAL LEADERSHIP MAKES RENEWED EFFORT [...] (SBU) On March 11 President Yushchenko, PM Tymoshenko and NBU Governor Stelmakh met and announced concrete steps aimed at securing the overdue $1.8 billion second tranche of the IMF loan program. Most importantly, they pledged to reduce the planned budget deficit to 3 percent of GDP, a level [...] |
2009-03-16 15:06:00 | Embassy Kyiv | UNCLASSIFIED//FOR OFFICIAL USE ONLY | EFIN EREL ETRD PGOV PREL XH UP |
| 09KYIV483 |
UKRAINE: STELMAKH RETURNS, LASHES TYMOSHENKO [...] (C) National Bank of Ukraine (NBU) Governor Stelmakh has returned to the political scene, and appears to have again taken clear control of the central bank. A reputable newspaper has claimed that President Yushchenko and PM Tymoshenko have agreed to keep Stelmakh at the NBU until the presiden [...] |
2009-03-17 15:21:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PREL XH UP |
| 09KYIV518 |
IMF ENCOURAGED BY UKRAINE PM'S PROPOSALS [...] (SBU) Summary. PM Tymoshenko has told the IMF that the GOU plans to put an anti-crisis package to a Rada vote on March 31, consisting of measures the IMF may consider satisfactory for the mission team's return. According to IMF resident representative Max Alier, "things have changed" betwee [...] |
2009-03-25 13:17:00 | Embassy Kyiv | UNCLASSIFIED//FOR OFFICIAL USE ONLY | EFIN EREL ECON ETRD PGOV PREL XH UP |
| 09KYIV576 |
RADA/YUSHCHENKO FALTER ON LEGISLATION REQUIRED BY [...] (C) On March 31, the Rada failed to include on its agenda three anti-crisis measures deemed essential by the IMF. Although PM Tymoshenko delivered unanimous support for the bills from her bloc, President Yushchenko's allies in the Rada did not support inclusion of the measures on the agenda. [...] |
2009-03-31 15:03:00 | Embassy Kyiv | CONFIDENTIAL | PGOV ECON EFIN EREL PREL ETRD UP |
| 09KYIV591 |
IMF HINTS AT RETURN TO UKRAINE [...] (C) Summary. The IMF is preparing to return to Ukraine in spite of Rada failures to pass needed spending cuts on March 31, according to its resident representative in Kyiv, Max Alier. Alier told us on April 1 that the IMF mission team would likely come back to Kyiv to engage in tough negoti [...] |
2009-04-02 16:21:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PREL XH UP |
| 09KYIV620 |
ABSENT BILATERAL FINANCING, UKRAINE NEEDS BROADER [...] (C) Summary. As the IMF mission team looks set to return to Kyiv on April 9, President Yushchenko and Prime Minister Tymoshenko have assured the IMF of their intention to see through more budget cutbacks when the Rada votes on key laws on April 14. Nonetheless, it appears that Ukraine's ensui [...] |
2009-04-08 18:49:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PREL XH UP |
| 09KYIV676 |
UKRAINE: IMF LIKELY TO SUPPORT RISKY GOU MOVE TO [...] (C) On April 14 Prime Minster Yulia Tymoshenko moved quickly after the Rada again failed to include key IMF-related anti-crisis legislation on the agenda. Within hours of the failed vote, the CabMin passed 19 resolutions that aim to provide the fiscal discipline that the IMF expects in return [...] |
2009-04-16 09:51:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PREL XH UP |
| 09KYIV751 |
UKRAINE: RINAT AKHMETHOV BUYS U.S. COAL COMPANY [...] (SBU) Metinvest, Ukrainian oligarch Rinat Akhmetov's metallurgical company, confirmed local media reports that it has purchased West Virginia based United Coal. Metinvest will announce the purchase later on April 30 in the U.S., Jock Mendoza-Wilson, investor relations chief of Akhmetov's SCM [...] |
2009-04-30 21:05:00 | Embassy Kyiv | UNCLASSIFIED//FOR OFFICIAL USE ONLY | EFIN EREL PINR PGOV PREL ECON EMIN XH UP |
| 09KYIV793 |
NEC'S LIPTON WARNS OF UKRAINE'S ECONOMIC HAZARDS [...] (SBU) Summary. Special Assistant to the President for International Economic Affairs David Lipton and Treasury DAS for Europe Eric Meyer met with a wide range of high-level Ukrainian policy makers, businessmen, and bankers on April 26-28. Lipton warned of possible dangers to Ukraine's econom [...] |
2009-05-12 15:57:00 | Embassy Kyiv | UNCLASSIFIED//FOR OFFICIAL USE ONLY | EFIN EREL ETRD PGOV PREL XH UP |
| 09KYIV865 |
WESTERN UKRAINE VIEWS ON ECONOMY, EUROPE, AND [...] (C) Summary. Remittances from abroad are falling and banks are still shaky, but the economy in western Ukraine has stabilized in recent weeks, the Ambassador heard in Ivano-Frankivsk and Chernivtsi on May 13-15. On his final trip outside Kyiv before departing post, the Ambassador met with g [...] |
2009-05-21 16:34:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PREL XH UP |
| 09KYIV936 |
UKRAINE CARBON SALES BOOST FINANCES, ENERGY [...] (SBU) Summary. Needing to stave off Ukraine's budget crisis and simultaneously enhance the country's energy efficiency, Prime Minister Yulia Tymoshenko has supported selling 180 million metric tons of surplus carbon emissions rights to Japan, Switzerland, and New Zealand. Back-of-the-envelope [...] |
2009-06-02 10:00:00 | Embassy Kyiv | UNCLASSIFIED//FOR OFFICIAL USE ONLY | EFIN EREL ETRD PGOV PREL XH UP |
| 09KYIV954 |
IMF ON UKRAINE'S BUDGET AND BANKING BENCHMARKS [...] (C) Summary. Kyiv-based IMF resident representative Max Alier told us on June 2 that Ukraine remained far from completing structural benchmarks on bank reform, necessary for the disbursement of the IMF's third loan tranche. Ukraine was still saddled with an unfinanced budget deficit, the size [...] |
2009-06-03 15:23:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PREL XH UP |
| 09KYIV964 |
IMF AND WORLD BANK: UKRAINE STALLED ON BUDGET [...] (SBU) Summary. The IMF and World Bank have told us that they do not foresee any net revenues or fiscal savings in the pipeline for Ukraine's strapped budget. Additionally, Ukraine has stalled on necessary reforms to qualify for a World Bank DPL loan. Ukraine's parliament increased excise ta [...] |
2009-06-04 14:53:00 | Embassy Kyiv | UNCLASSIFIED//FOR OFFICIAL USE ONLY | EFIN EREL ETRD PGOV PREL XH UP |
| 10CHISINAU39 |
MOLDOVA'S 2010 STATE BUDGET [...] (SBU) SUMMARY: The new four-party Alliance for European Integration (AIE)-led Parliament approved the 2010 state budget for the Government of Moldova (GOM) on December 23, 2009. The GOM projects an increase in revenues, an increase in expenditures, and a deficit about 11 percent less than i [...] |
2010-01-25 11:20:00 | Embassy Chisinau | UNCLASSIFIED//FOR OFFICIAL USE ONLY | ECON EFIN EINV EREL ETRD MD |
| 10KYIV103 |
IMF AGAIN DISMAYED BY UKRAINIAN AUTHORITIES [...] (C) Summary. IMF resident representative Max Alier expressed frustration and dismay at the GOU's recent public statements falsely announcing the impending arrival of an IMF technical assessment team. Alier said the GOU had resorted to "pressure tactics" and that Deputy Prime Minister Nemyri [...] |
2010-01-21 13:27:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PINR UP XH |
| 10KYIV107 |
POSSIBLE NEW UKRAINIAN PM TIHIPKO CASTS SELF AS [...] (C) Summary. Serhiy Tihipko may accept the position of Prime Minister of Ukraine, but only if he is guaranteed support from the new President and the Rada (parliament) to tackle economic and administrative reforms, and only after the presidential race concludes. Having just finished third i [...] |
2010-01-22 13:48:00 | Embassy Kyiv | CONFIDENTIAL | EFIN ETRD PGOV PINR PREL UP XH EREL |
| 10KYIV113 |
WORLD BANK PROPOSES UKRAINE REFORM PROGRAM [...] (C) Summary. The World Bank's Kyiv-based country director Martin Raiser plans to convene the donor community to coordinate a message to Ukraine's new President on needed economic reforms. Raiser told the Ambassador that the Bank had grouped its reform proposals into three areas (fiscal, inv [...] |
2010-01-25 10:45:00 | Embassy Kyiv | CONFIDENTIAL | EFIN ETRD PGOV PINR PREL UP XH EREL |
| 10KYIV17 |
TYMOSHENKO UNABLE TO PRY OPEN NBU RESERVES [...] (C) Summary. Negotiations have stalled over the transfer of $2 billion in National Bank of Ukraine (NBU) reserves to the state treasury, inhibiting Prime Minister Tymoshenko's government from getting ready cash to assist with Naftohaz's January 11 payment to Gazprom. Having lowered the NBU's [...] |
2010-01-05 16:18:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PINR UP XH |
| 10KYIV194 |
UKRAINE: NAFTOHAZ PAYS ON TIME FOR GAS [...] (C) Summary. Ukraine paid $780 million to Gazprom on February 4 for January gas purchases. As in January, the National Bank of Ukraine purchased Naftohaz-held government bonds to finance the payment. Experts suggest that the government would resort to the same payment scheme for the gas pay [...] |
2010-02-05 13:01:00 | Embassy Kyiv | CONFIDENTIAL | ENRG EREL UP RU |
| 10KYIV22 |
UKRAINE: YUSHCHENKO ORDERS NBU TO ASSIST WITH GAS [...] (SBU) Summary. President Yushchenko ordered the National Bank of Ukraine (NBU) on January 6 to find a mechanism to monetize Naftohaz-held government bonds in order for the state-owned gas company to make the January 11 payment for Russian gas purchased in December. Naftohaz might also be abl [...] |
2010-01-06 15:34:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ENRG PGOV PINR UP RU |
| 10KYIV226 |
UKRAINE'S 2010 ECONOMIC OUTLOOK: UNCERTAINTY REMAINS AFTER [...] (SBU) Summary. Ukraine suffered one of Europe's worst recessions in 2009, with real GDP declining nearly 15%. The economic slump was prompted by a sharp fall in global demand for steel and chemical products, combined with the global credit crunch and vulnerabilities in the Ukrainian financial [...] |
2010-02-10 13:02:00 | Embassy Kyiv | UNCLASSIFIED//FOR OFFICIAL USE ONLY | EFIN EREL ELAB ECON ETRD PGOV PREL XH UP |
| 10KYIV23 |
SALE OF UKRAINIAN STEEL GIANT LIKELY TIED TO PUTIN [...] (C) Summary. Rumors have swept through Kyiv over the impending Russian purchase of the indebted Ukrainian steel giant Industrial Union of Donbass (IUD). A group of Kremlin-backed investors, perhaps led by metals magnate Alisher Usmanov and Roman Abramovich-controlled Evraz, have reportedly [...] |
2010-01-06 15:36:00 | Embassy Kyiv | CONFIDENTIAL | EFIN EREL ETRD PGOV PINR UP XH |
| 10KYIV232 |
FIRTASH TRIUMPHS OVER TYMOSHENKO ON NADRA [...] (SBU) Summary. Nadra Bank's year-long moratorium on deposit withdrawals ended on February 10, amidst last-ditch negotiations over the bank's future. The National Bank of Ukraine (NBU) had engaged in talks on February 10 about liquidating Nadra, one of Ukraine's largest private banks, only to [...] |
2010-02-11 12:29:00 | Embassy Kyiv | UNCLASSIFIED//FOR OFFICIAL USE ONLY | EFIN EREL ELAB ECON ETRD PGOV PREL XH UP |
| 10KYIV71 |
UKRAINE'S NATIONAL BANK WILL HELP WITH GAS PAYMENTS [...] (C) Summary. Despite the lack of political unity, the National Bank of Ukraine was obliged to help the government make its gas payments to Russia in a timely manner, National Bank Governor Stelmakh told the Ambassador on January 14. During the meeting, Stelmakh also noted that the exchange r [...] |
2010-01-15 16:39:00 | Embassy Kyiv | CONFIDENTIAL | EFIN ECON ENRG EREL PGOV UP |
| 10KYIV89 |
UKRAINE'S ACTING FINANCE MINISTER SURVIVES 2009, [...] (C) Summary. Ukraine's government still hopes for revisions to the IMF program that would allow it to access $2 billion currently held in reserves at the National Bank of Ukraine (NBU), according to Acting Finance Minister Umanskyi. Without access to IMF money, the first quarter of 2010 woul [...] |
2010-01-19 12:29:00 | Embassy Kyiv | CONFIDENTIAL | EFIN ECON ENRG EREL PGOV UP |