UKRAINE: AUDIT SHOWS UKRAINE'S NATIONAL BANK OVERSTATED RESERVES...(Brief Article)(Statistical Data Included)

IPR Strategic Business Information Database, May, 2000

A PricewaterhouseCoopers audit shows that Ukraine's National Bank overstated its hard-currency reserves "by an amount that varied from $391 million in September 1997 to $713 million in December 1997," the IMF reported on its official Website on 4 May. The fund commented that the amount was overstated to help Ukraine gain $200 million in loans that might otherwise have been denied.

However, the audit did not find that Ukraine misused IMF loans, as alleged earlier by press reports in the West. JM Copyright (c) 1999. RFE/RL, Inc. Reprinted with the permission of Radio Free Europe/Radio Liberty