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Tihipko: IMF loan needed to cover budget holes

08.07.2010 | kyivweekly.com.ua

The International Monetary Fund will grant USD 1.5-2 bn to Ukraine to cover state budget deficit, Vice Prime Minister for Economy Serhiy Tihipko told the Kontrakty weekly. He assumed that the funds may be received in August, after the approval of allocation of the loan to Ukraine. He also said that the International Monetary Fund will provided decreasingly less funds to cover the state budget deficit and the major part of resources will be allocated for the replenishment of National Bank of Ukraine reserves, taking into account the situation on international markets.

Among major requirements of the IMF are the reduction of state budget deficit, subsidizing of the Naftohaz Ukrainy national joint-stock company from state budget, and also increase of housing and public utility services.

On July 3, the IMF said it reached an agreement with Ukrainian government in allocation of USD 14.9 bn within the frameworks of the new standby loan program.

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