Ukraine is changing its representative at the International Monetary Fund (IMF) as a part of the rotation of the group of states on the fund's executive directors board, said sources in governmental circles.

"Oleksandr Petryk will represent Ukraine…He will replace Yuriy Yakusha," the source told Interfax-Ukraine.

Petryk now works as Director of General Economic Department at the National Bank of Ukraine (NBU).

"There is a rotation of deputy executive directors in our group of IMF countries…Petryk will be appointed in the near future," other source of the agency reported.

This IMF group of countries includes Ukraine, Armenia, Belgium, Bosnia and Herzegovina, Bulgaria, Cyprus, Georgia, Israel, Luxemburg, Macedonia, Moldavia, Montenegro, the Netherlands, and Romania.

According to the recent IMF reform, a position of deputy executive director is assigned by Ukraine on a constant basis without rotation with other countries.

The present executive director of the group, Menno Snel, was appointed in 2012. Yakusha works as his deputy.

As reported, on May 1, Jerome Vacher is to become the representative of the International Monetary Fund (IMF) in Ukraine.