On July 23, President Viktor Yushchenko signed a letter of intent to the IMF.
The Cabinet of Ministers approved the letter of intent to the IMF on July 8 proposing that the IMF reduces inflation forecast in Ukraine up to 10-13% and increases fiscal deficit up to 5%.
On July 10, IMF Mission Chief in Ukraine Ceyla Pazarbasioglu said that the mission was planning to propose that the IMF Executive Board consider allocating USD 3.3 billion as the third tranche of its stand-by loan to Ukraine.
She noted that Ukraine has been fulfilling the conditions of the program and it has reached a good progress in solving banking sector problems. IMF Mission Chief also said the Fund had downgraded its forecast for the fall of Ukraine's GDP from 8% to 14% and also increased its forecast for Ukraine's state budget deficit from 4% to 6%.
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