OREANDA-NEWS. October 5, 2012. Borys Tymonkin, CEO of PJSC “Ukrsotsbank”, UniCredit Bank TM, participated in the debates “Ukraine will manage without the financial help from IMF”. The debates were organized by the “Effective Management” Fund and “Intelligence Squared” Company, which took place on 25 September 2012 in Kyiv.

Borys Tymonkin, supporting the thesis that Ukraine would have to take loans from IMF, stressed that IMF funds were the cheapest on their own and they enabled reducing the price for resources attraction from other sources, as investors and creditors were oriented to the availability of Fund’s working program in the state.

According to CEO of PJSC “Ukrsotsbank”, partnership with IMF is a good signal for foreign investors that in its turn proves the economy’s stability. “The possibility not to keep the money but to take them at the right moment – is a great thing. And it has double action. First of all – these are direct money from IMF, and secondly all other commercial creditors also look at you and, if you have the possibility to take money here, this means you are more stable. And so the resolution is higher and the price is lower,” – he explained.

Borys Tymonkin expressed doubts that Ukraine would manage to attract “ready cash” from China as the banks in this country were famous for extremely difficult procedure of funding.

Commenting another alternative source of financing - the Russian loans, CEO of PJSC “Ukrsotsbank” added that such an attraction would give Moscow one more level of influence on Ukraine to their anyway hard relations.

Among other positive moments of Fund’s financing the banker also pointed to the availability of coordinated demands about reforms implementation in the state.

“The main evil – is populism. IMF today is the only institutional enemy of populism, which is also ready to pay”, - stressed Borys Tymonkin.