The Cabinet of Ministers is intending to use USD 1.9 billion from USD 3.3 billion of the third tranche of the bailout loan from the International Monetary Fund to redeem foreign debts, Ukrainian News reported.

Prime Minister Yulia Tymoshenko announced this at a press conference after meeting with the mission of the International Monetary Fund on Friday.

"This is absolutely precisely that USD 1.9 billion of the sum will be used for the redemption of foreign debts," Tymoshenko said.

As a result of the second revision of the program for cooperation with the International Monetary Fund, Ukraine commits to cut the expenses of the national budget and balance the financial condition of the Naftohaz Ukrainy national oil and gas company, Tymoshenko said.

The Ukrainian prime minister said, that although the positions are not popular for Ukrainian politicians, this is the only way for Ukraine to come through the crisis easier.

The prime minister voiced confidence of further fruitful cooperation with the International Monetary Fund.

Acting Finance Minister Ihor Umanskyi told the press, that in compliance with agreements with the International Monetary Fund the government is intending to change the fiscal policies and optimize the system of priorities.

"We will focus on consolidation of administration at the customs and the tax services," he said.

Moreover, the government is intending to optimize the expenses on capital measures and state orders.

As Ukrainian News earlier reported, the mission of the International Monetary Fund is intending to recommend the IMF Board of Directors to consider the allocation of USD 3.3 billion of the third tranche to Ukraine.

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