Ukraine pledged to stem declines in its foreign reserves next year as the International Monetary Fund said it wouldn’t ease conditions for a new loan amid a third recession since 2008.
Borrowing will match or exceed the planned $7.1 billion of foreign-denominated debt repayments, Halyna Pakhachuk, head of the Finance Ministry’s department debt, said today at a Fitch Ratings conference in the capital, Kiev. If markets improve, Ukraine may sell $1 billion to $2 billion of Eurobonds in 2014 and may borrow as much as $1 billion from China, she said.
