The termination of cooperation of Ukraine with the International Monetary Fund (IMF) automatically means the reduction of state budget expenditures by minimum $4 billion, Minister of Finance Alexander Danyliuk told on the air of one of TV channels, UNIAN reports.

“If we terminate cooperation with IMF, it will automatically mean the sequestration. The sequestration for the amount, equal to $4 bln”, he said.

Meanwhile, as the Minister noted, the state budget of Ukraine for 2018 provides for the receipt of IMF tranches and access to foreign loan markets.

“The key condition of IMF program - the adoption of the law on anticorruption court - was not fulfilled”, Danyliuk emphasized.

It should be noted that previously, the Minister of Finance sent people’s deputies the letter, in which he encourages to promptly adopt the law on anticorruption court and thus unblock IMF lending.

In March 2015, Ukraine and IMF signed the memorandum about the economic and financial policy, which the company should conduct within EFF program. In total, the program provides for receipt by Ukraine of about $17 billion with the first tranche, amounting to $5 bln. Ukraine could receive with short delay the second tranche on this program, amounting to $1.7 bln at early august 2015, after which there was a continuous pause due to nonfulfillment of some conditions by the government, political crisis and change of the government.

After coming of the new Cabinet of Ministers in April 2016, the negotiations on continued funding renewed; however, the Fund decided to allocate the third tranche, amounting to $1 bln only in mid-September, fourth – April 3, 2017. The next IMF tranche will amount to about $1.9 bln.

As is known, the International Monetary Fund put forward four requirements to Ukraine for receiving the next tranche. Thus, Kyiv should create the anticorruption court and regulate the gas prices. As per the requirements, the pension reform and the law on privatization were also approved.

This March, IMF Resident Representative in Ukraine, Mr. Goesta Ljungman said during interview with HB that Ukraine can count on the fourth revision of lending program by May 2018, if the Ukrainian authorities can demonstrate the progress in implementing required reforms within the next month or two.

However, later, the National Bank forecast the allocation of the next IMF loan tranche (about $1.9 bln) only in the second half year 2018.

Meanwhile, the international rating agency Fitch expects that Ukraine will receive the next tranche in Q3, 2018.