Ukraine's delegation heads to Washington for IMF loan

08:40, December 17, 2009      

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A Ukrainian delegation led by acting Finance Minister Ihor Umansky has left here for Washington to hold the next round of talks with the International Monetary Fund (IMF), the Ukrainian Finance Ministry said in a statement on Wednesday.

The Ukrainian delegates will hold talks with the leadership of the IMF on Thursday. The talks will focus on the revision of the stand-by loan and the budget policies of Ukraine's government in 2009-2010, the statement said.

Last week, Ukraine requested around 2 billion U.S. dollars in emergency loans from the IMF to overcome an "extremely difficult" financial situation, but the IMF made no reply to the request.

The Eastern European country has received 11 billion dollars of a 16.4 billion dollars IMF loan.

The IMF has suspended the rest of the money since early November, stressing Ukraine needed to implement economic reforms before IMF would hand over any more.

Cooperation with the IMF has been suspended twice after Ukraine failed to keep pledges to cut the budget as political leaders battled ahead of the elections. The government of Ukraine also refused to raise natural gas prices for households and failed to adopt laws to stabilize the financial system.

Ukrainian Prime Minister Yulia Tymoshenko has said that negotiations would be continuing with the IMF and she hoped Ukraine should receive the loan by the end of the year.

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