Russia expects Ukraine to spend part of IMF loan toward clearing gas debt - minister

Russia expects that Ukraine will spend part of the loan from the International Monetary Fund (IMF) toward clearing its debts for Russian gas already supplied to it, Russian Energy Minister Alexander Novak said.

Russia expects that Ukraine will spend part of the loan from the International Monetary Fund (IMF) toward clearing its debts for Russian gas already supplied to it, Russian Energy Minister Alexander Novak said.

Speaking in Warsaw on Friday, Novak pointed out that Ukraine had received the first tranche of an IMF loan in an amount of $3.2 billion.

"We haven't received an answer from Ukraine as to how much of this loan will be allotted for clearing the debt. Part of this loan should be allotted for clearing the debt for the ongoing supplies," he said.

Ukrainian Energy and Coal Industry Minister Yury Prodan replied that the IMF loan should "turn on" the Ukraine economy. "The Ukrainian economy will be working, will be growing, and will be expanding. Economic growth will enable [Ukraine] to settle up for gas" with Russia, Prodan said.

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