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    International Monetary Fund

    IMF approves Ukraine's request to spend $2 bln from reserves

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    The IMF has permitted the Ukrainian government to spend $2 billion from the National Bank's gold and foreign exchange reserves to pay for Russian gas deliveries among other things, the Fund said on Thursday.

    The IMF has permitted the Ukrainian government to spend $2 billion from the National Bank's gold and foreign exchange reserves to pay for Russian gas deliveries among other things, the Fund said on Thursday.

    Ukrainian President Viktor Yushchenko has said his country will pay for Russian gas delivered in December on schedule. The deadline has been moved from January 7 to January 11, 2010, due to New Year's holidays.

    In November 2008, the IMF approved a $16.4 loan for Kiev. The fourth tranche, worth around $4 billion, was expected to be come through by the end of the current year, but the IMF put it off until 2010.

    It also turned down Ukraine's request for "at least $2 billion" to reduce the budget deficit.

    As an alternative, the Ukrainian government had asked permission to spend $2 billion from the National Bank's reserves.

    As of early December, its international reserves stood at a little over $27 billion.

    KIEV, December 31 (RIA Novosti)

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