You're reading: Government to direct most of International Monetary Fund’s loan to currency reserves

The government of Ukraine is intending to direct most of a loan from the International Monetary Fund (IMF) to currency reserves, and not use it for financing the national budget deficit, Vice Prime Minister Sergiy Tigipko told journalists after a meeting of the government on Wednesday.

"If you count how much Ukraine has to pay on foreign loans during these three years, then you will understand. It is very important to have currency reserves now, especially in such a situation," he said.

As reported, the government plans to get $19-20 billion from the IMF in the nearest two-and-a-half years.

Currently Ukraine is the third largest borrower of the fund following Hungary and Romania, which received $11.6 billion and $12.5 billion respectively.