The FINANCIAL — Ukraine expects to receive loans from the World Bank to cut its budget deficit and stabilize finances, Ukrainian Deputy Prime Minister Sergei Tigipko told the BBC Ukrainian Service on June 20, according to RIA Novosti.
Head of the Ukrainian presidential administration Irina Akimova earlier said Ukraine's budget deficit could be 6% of GDP in 2010 and drop to 3.5-4% of GDP in 2011.
Tigipko said Ukraine expected to receive loans from the World Bank after the ex-Soviet republic resumed its cooperation with the International Monetary Fund (IMF) suspended over the unstable political situation in the country.
In 2008, the IMF granted a $16.4-billion loan to Ukraine, of which the government has so far received over $11 billion. Further payments were frozen in late 2009 over the uncertain political situation in Ukraine and the government's failure to follow the IMF's recommendations.