Ukraine to get second tranche of IMF loan on May 13, says acting finance minister

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Ukraine will receive the second tranche of a Stand-By loan from the International Monetary Fund (IMF) totaling 1.9 billion special drawing rights (SDR) (about $2.8 billion) on May 13, Acting Finance Minister Ihor Umansky told journalists on Tuesday.

"These funds will be on the accounts of the State Treasury and the National Bank of Ukraine as early as tomorrow after lunch," he said.

Ukraine will use the funds to top off its gold and forex reserves as well as to finance the state budget deficit, he said.

The IMF approved a stand-by program for Ukraine totaling SDR 11 billion in early November 2008 and provided the country with a first tranche of SDR 3 billion.

The IMF Executive Board approved the allocation of the second tranche on May 8.

13.05.2009