RTTNews - Friday, an International Monetary Fund mission, visiting Kyiv to carry out discussions on a second review, said it will place a recommendation for $3.3 billion assistance for Ukraine before the executive board by early August. This will be the third tranche of a $16.4 billion aid approved in November last year. However, the grant of the loan will be subject to completion of certain requirements.
Ceyla Pazarbasioglu, who led the mission, said, Parliamentary passage of the amendments designed to strengthen the bank resolution process is required for the completion of the second review.
The lender downgraded Ukraine's GDP outlook citing the much sharper-than-expected loss of output in the first quarter. Real GDP is now expected to contract by 14 percent in 2009 against 8 percent at the time of the first review.
The IMF mission also revised the general government deficit target in 2009 from 4 percent to 6 percent of GDP.
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