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able to continue to muddle through over the coming months. However, the situation will likely become untenable over the medium term, compelling the country to return to the IMF for support,” adds Ribakova.
The current account is likely to remain balanced next year too but that won’t help Ukraine to pay back its external debt says Sleptsova. “Funding the external debt payments out of reserves is not an option,” says Sleptsova, who argues that restarting the IMF programme is the only possible scenario.
Ukrainian president Volodymyr Zelenskiy had a “constructive” phone conversation with the IMF managing director ​Kristalina Georgieva​ last week and Ukraine’s form on its patchy relation with the IMF is that the programme regularly gets suspended, but each time the country faces a crisis the government makes concessions and the programme is restarted for a time.
13​ UKRAINE Country Report​ December 2020 ​ ​www.intellinews.com