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IMF loan to let Ukraine cover up for budget deficit, - Finance Minister

Source : 112 Ukraine

These costs will be used to pay social payments, including salaries, retirement wages and payments to doctors
08:49, 5 June 2020

Serhiy Marchenko
Open source

The loan of the IMF will allow Ukraine to cover up for the budget deficit. Serhiy Marchenko, the Finance Minister of Ukraine said this during a talk show on one of Ukrainian TV channels.

"We see an opportunity to get the IMF funds and close the deficit of the budget that makes approximately eight percent of the country's GDP. These costs will also go to pay pensions, salaries, to pay the doctors... Along with the IMF loan, we'll get a tranche from the European Commission, 1.2 billion Euros, and another half billion Euros. Next, we'll get the loan of the World Bank, approximately 1 billion [Euros], and we'll be able to make it through this tough period", Marchenko said.

Related: IMF to make final decision on allocation of tranche to Ukraine before June 10

The Head of the Ministry added that these costs will cover the needs of the state; moreover, the IMF loan was included in the state budget for this year, and the government has been expecting it.

According to Marchenko, the new IMF programme will let Ukraine survive the tough aftermaths of the economic crisis caused by the pandemic of coronavirus.

Related: IMF to consider Ukraine's Stand-by loan application on June 9

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