Analysts pick apart IMF's Ukraine pledge

jueves 12 de febrero de 2015 08:05 GYT

* IMF agrees new rescue facility for Ukraine

* Analysts cast doubt on US$40bn total package

* Debt restructuring remains likely

By Michael Turner

LONDON, Feb 12 (IFR) - Analysts have shot down the US$40bn figure that IMF boss Christine Lagarde said was the estimated total rescue package for war-torn Ukraine over the next four years, claiming the amount of cash likely to be committed will be closer to half that amount.

Lagarde, managing director of the IMF, said Ukraine would be "supported by an Extended Fund Facility of SDR12.35bn (US$17.5bn) from the IMF, as well as by additional resources from the international community."

She added: "From these various sources taken together, a total financing package of around US$40bn is estimated over the four year period."

Ukraine's bonds rallied half a point following the announcement, although they are still trading at distressed levels, with a US$500m deal due in September this year rising to 62.74 from 62.25. Ukraine's US$1.25bn 2023s hit 53.85 after opening Thursday at around 53.3, according to Thomson Reuters data.

An announcement of a potential ceasefire in the conflict with Russia starting from Sunday also helped support prices.   Continuación...