Ukrainian President Viktor Yanukovych has submitted a draft law on amendments to the Articles of Agreement of the International Monetary Fund for consideration by the Verkhovna Rada, Ukraine's parliament.

The purpose of the bill is the ratification by Ukrainian lawmakers of amendments to the IMF Articles of Agreement concerning the revision of Member States' quotas and reform of the Executive Board, which were approved in a resolution of the IMF Board of Governors No. 66-2 dated Dec. 15, 2010, the presidential press service reported on Wednesday.

"Thus, the internal state procedures that are necessary for the validation of the said amendments in Ukraine will be executed," reads the report.

This step once again confirms Ukraine is a reliable partner that fulfills its international obligations, and is set for further effective and mutually beneficial cooperation with international financial institutions, the report goes on.

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