You're reading: Economy Ministry: Ukraine studying new format of cooperation with IMF

Ukraine is continuing to study a new format of cooperation with the International Monetary Fund (IMF), not ruling out the possibility of extending the current program until August 2013, Economic Development and Trade Minister Petro Poroshenko told reporters on Monday.

He said that if the IMF has goodwill, the current program of cooperation with Ukraine, which expires in December 2012, could be extended for another eight months, i.e. until August 2013 inclusive.

“I’m deeply convinced that cooperation with the IMF is the necessary condition of economic policy for Ukraine in 2013, so we shouldn’t be afraid that the program ends in December. We have enough sufficient mechanisms, and they were discussed in detail with our partners from the IMF, as to how we’ll work,” he said.

Poroshenko noted that Ukraine was currently considering extending or modifying the program of cooperation with the IMF or introducing a new program.

“Even a new program could be drafted and adopted by February 2013. It’s unnecessary to exaggerate the complexity of organizational procedures,” he said, adding that Ukraine should decide what form of cooperation is more acceptable in new economic conditions.