UKRAINE expects the International Monetary Fund (IMF) to disburse new and overdue loans after a visit this month and still hopes a US$17 billion bailout program can be expanded, its central bank governor said Tuesday.

    Valeria Gontareva declined to give a value for the payment, even when pressed by journalists, but it is likely to total more than US$4 billion.

    With its economy pushed close to bankruptcy by a war in the east and costly energy imports from Russia, Ukraine hustled through an austerity budget Monday which it hopes will impress the IMF when a mission visits Kiev from Jan. 8.

    The country has so far received two tranches of aid worth a combined US$4.6 billion under the IMF-led bailout package that was agreed in April to support the economy and shore up depleted foreign currency reserves.

    But the IMF and the government’s Western backers including the European Union say any further financial assistance will hinge on Ukraine’s ability to implement long-promised reforms.

    Gontareva told a news conference that following this month’s visit, Kiev expected the IMF to release two slices of credit which had been expected by year-end, plus a third tranche.

    “I expect three tranches to be combined and I hope that the program will be increased even further,” she said, saying the credit would go to paying off external debt, which will stand at more than US$7 billion in 2015, and the foreign trade deficit.

    With a combined value of US$2.7 billion for the outstanding tranches, a further disbursement of US$1.4-1.5 billion as outlined under the program would take the overall to over US$4 billion.(SD-Agencies)