The wording of an updated memorandum on Ukraine's economic and financial policy under the International Monetary Fund's Extended Fund Facility (EFF) program is currently being finalized by the ministries involved, Ukrainian Deputy Finance Minister Roman Kachur said.

"At present, work is underway to finalize the text of the memorandum. Each ministry concerned is reviewing its part and refining the wording: certain positions proposed by the IMF following their analysis have been added to the memorandum. Therefore, each ministry should decide whether to accept them or not," he told reporters after a press conference at the Finance Ministry on Tuesday.

Kachur found it difficult to forecast when the process would be over. At the same time, he said that the IMF's major requirement – the adoption of a well-balanced budget – had been fulfilled.

"This law [on the national budget] meets the requirements put forward by the IMF. This is the number one issue in this process," he said.

In his words, the arrival of a new IMF tranche is only possible after the signing of the memorandum.

"We see no possibility of work of the Ukrainian government and the Finance Ministry without the IMF program," he said.