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The Party of Regions, Ukraine's largest opposition party, will not sign a letter to the International Monetary Fund (IMF) because it will never agree to a drastic fall in the welfare of Ukrainians in exchange for foreign money, Party of Regions' quoted its leader Victor Yanukovych as saying on Monday.

Ukrainian authorities agree in the letter to the IMF to increase the pension age, to increase gas price for people, and to cancel simplified taxation system for small and mid-size businesses, Yanukovych said.

"Setting the goal of receiving another loan from the IMF authorities are ready to sign guarantees spoiling the lives of Ukrainian citizens. In particular the authorities agree to increase the pension age of Ukrainians by six months every year. This means that given the average life expectancy in Ukraine many of our compatriots will not reach pension age," the Party of Regions leader said.

"The opposition cannot support the authorities' intention to increase the gas price for people up to the world level. And authorities want to give such guarantees in the letter to the IMF," Yanukovych said.