She recalled that Ukraine had already addressed to the US, the EU, China, Japan and Russia asking for a credit. Ukraine has so far concluded no deal on extending a loan for Ukraine with either of the countries mentioned.
On March 3, Ukraine sent a draft letter of intent on further cooperation to the IMF.
The President, the Prime Minister and the Verkhovna Rada Speaker had earlier agreed to make amendments to the state budget for 2009 in April-May. The parties reached a consensus that fiscal deficit would post 3.1% of GDP after revision. The very issue on the size of fiscal deficit was one of the points of discussion in the talks with the IMF to gain a second tranche of the stand-by arrangement.
As reported, the IMF postponed extension of a second tranche of its stand-by arrangement to Ukraine (planned for February 15), having called on the authorities to cut fiscal deficit, enhance monetary policy and control banking sector.
On November 5, 2008 the IMF approved a two-year Stand-By Arrangement (SBA) for about USD 16.4 billion to help the authorities restore financial and economic stability. On November 10, the first tranche at USD 4.5 billion came in Ukraine.
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