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. Last Updated: 07/27/2016

Ukraine Promised IMF Help

The head of the International Monetary Fund has told Ukrainian President Leonid Kuchma that he will "exert maximum effort" to ensure Ukraine obtains a $1.3 billion loan package this month, a presidential spokesman said.

IMF head Michel Camdessus, who spoke to Kuchma by telephone, also said he would visit Kiev on March 9, and promised to assist Ukraine's efforts to restructure its $2.5 billion debt to Russia, the spokesman said Wednesday.

Camdessus' commitment comes despite the Ukrainian government's approval of a draft budget envisaging a deficit of 6.4 percent of gross domestic product -- higher than the 5 percent earlier upon agreed with the IMF.

IMF resident representative in Ukraine, Graham Justice, said the fund's own calculations did not include privatization receipts as revenue or external debt repayment as expenditure.