OREANDA-NEWS. July 30, 2010. 80% of funds allocated by the IMF to Ukraine the Government will use to stabilize the economic situation in the State and to modernize the national economy. The Prime Minister of Ukraine Mykola Azarov said that in an interview.

Mykola Azarov noted that yesterday the IMF Board decided to approve a new program of cooperation between Ukraine and the IMF and to allocate for this program implementation a tranche of approximately 16 billion USD.

"We have no plans to send the money to finance the budget deficit - a goal is only about 20% of the total tranche, and 80% will be invested in a major program of modernization of our economy" - Mykola Azarov said. He said that special attention would be paid to energy efficiency program.

The Head of Government expressed hope that in 2011 the Cabinet will spend fewer resources on paying off the budget deficit: "We want to allocate more funds for the program of development of our country. We have mapped out for ourselves the trajectory, based primarily on the magnitude of the tasks we face".

According to the Prime Minister, in general the IMF decision on resumption of cooperation with Ukraine, opens in front of our country great opportunities for cooperation with the World Bank, EBRD and other financial institutions and the European Union. In particular, Mykola Azarov noted that the decision to continue the cooperation with EU on the aid allocation to offset the cost of public utilities: "This decision was to be implemented after enactment of the IMF decision. Yesterday the IMF decision came into force, meaning that we get to realize this task 600 million EUR".