IMF requires additional steps from Ukraine to resume aid

The International Monetary Fund (IMF) and the Ukrainian government have agreed that Kiev must implement further reform steps to pave the way for the fund to resume its financial aid to the country, the Ukrainian Finance Ministry said Thursday.

"The parties have reached an agreement on the measures that are needed to be implemented for the completion of the second review of the Extended Fund Facility program," the ministry said in a statement posted on its website.

To receive the aid under the 17.5-billion-U.S.-dollar bailout package, Kiev has undertaken a commitment to strengthen its fiscal stability,improve transparency and ensure the rule of law, the statement said.

If the measures are implemented, Ukraine has a chance to get the third tranche of the aid worth 1.7 billion dollars as early as in July, it said.

Seeking to secure the third tranche, Ukraine carried out a number of reforms in energy, banking and administrative sectors last year.

According to the ministry, the aid from the IMF is vital for Ukraine to fill its foreign exchange reserves, support the local currency and improve its business environment.

On Wednesday, an IMF mission completed its eight-day working visit to Kiev after assessing reform progress in Ukraine and holding talks with the country's authorities over the second review of the bailout program.

In 2015, Ukraine received a total of 6.7 billion dollars from the global lender in two tranches of the aid package.

A reduction of the budget deficit and public debt, as well as stabilization of the exchange rate of the local currency are the major IMF requirements for Ukraine to obtain the third tranche of the aid. Endi