Ukraine's leading English-language newspaper since 1995

The Cabinet of Ministers will convene for an extraordinary session at 3pm on July 6 in the presence of delegations from an International Monetary Fund mission visiting Ukraine, Ukrainian News reported citing the government’s press service.

The press service did not reveal the topic of the meeting, which is being held after a one week visit to Ukraine by an IMF mission. The IMF mission is to decide whether to recommend to the fund’s board in Washington whether to grant Ukraine a third tranche between $3.2 billion and $3.8 billion, from a $16.4 billion standby loan granted last fall in the wake of the global financial crisis.

Previous tranches of $4.5 billion given last November and $2.8 billion in May helped stabilize Ukraine’s fiancés, which are stretched to the limit. Ukraine is reportedly hoping to use a third tranche to help cover its widening budget deficit and pay for natural gas imports from Russia.