Ukrainian national oil and gas concern Naftogaz Ukrainy could cover a cash shortfall in payments for gas using money from the International Monetary Fund (IMF) and other international financial organizations, President Petro Poroshenko said.
“The question of how we will cover the shortfall of cash and finances at Naftogaz for gas purchases must be resolved. Several arrangements were proposed. I cannot discuss them right now, but they have been agreed overall, how Ukraine will cover that shortfall,” Poroshenko said in an interview on Ukrainian television on Saturday evening.
Ukraine’s European partners would take part, he said.
“We have several different options, beginning with money from the IMF to be allocated to that, and ending with money from international financial organizations, that will support Naftogaz’s shortfall,” he said.
Ukraine has a deficit of resources, in part due to unpaid deliveries to the Luhansk and Donetsk regions. “Ukraine today is delivering significant volumes of natural gas to Donetsk and Luhansk regions. Donetsk and Luhansk consume gas. But Naftogaz is not receiving a single kopeck from Donetsk and Luhansk,” he said.
The IMF will make a decision on a new program for Ukraine no later than the middle of December, he said. “We must receive IMF financing. We spoke for some time about this. At the end of the day, we agreed that a mission should visit in mid-November,” Poroshenko said.
The mission will only arrive after parliamentary elections are held and the new government has been formed.
“We should receive the decision from the executive board concerning the new financing program no later than mid-December,” he said.
