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24-06-2009 16:05 Planned increase in Naftogaz's statutory fund not linked with company's debts
“There is a problem of indebtedness to the company for gas consumed - UAH 26 billion (USD 1 - UAH 7.61). This is real a problem,” Prime Minister Yulia Tymoshenko has said this at a briefing in Kyiv.
She stressed that there is no problem with Naftogaz's debts. The Premier also said that a bill envisaging the increase in the company's statutory fund is being now considered by the parliament. “This is a decision to be made by the Verkhovna Rada. This is a logical decision amid crisis - the increase in capitalization, like it was done with the banks,” Tymoshenko underscored. The Cabinet of Ministers proposed at its June 17 meeting increasing the statutory capital of Naftogaz to help the company compensate for the difference in gas prices for municipally owned heat supply companies. The sum of the increase in the company's statutory fund will be determined by a parliament decision, but the government said that the statutory fund should be increased by UAH 10-18 billion. Oleksandr Shlapak, the First Deputy Head of the Presidential Secretariat has today said that the International Monetary Fund (IMF) is asking Ukraine to justify a possible increase in the statutory capital of Ukraine's state gas company Naftogaz without negative effects for Ukraine's macroeconomic stability. O. Shlapak added that in case the statutory fund of the company is increased, though necessary to amend the state budget 2009 for that purpose, Ukraine violates those IMF requirements on macroeconomic figures that are made as a condition for another loan tranche.
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