President Leonid Kuchma signed the law On Ratifying the Agreement between Ukraine and the International Bank for Reconstruction and Development on the $60,000,000 loan to prevent the spread of tuberculosis and HIV/AIDS in Ukraine. Verkhovna Rada ratified the document on November 18. It envisions that the loan must be made by June 30, 2007 or on a later date established by the bank. According to the agreement, Ukraine is to pay a one-time commission fee equaling 1% of the credit total sum or $600,000. The commission fee could also be forgiven on the date of the agreement coming to effect. The document also envisages that Ukraine is to regularly pay fees for the unutilized part of the loan at the rate of 75% of the yearly payments from the principal sum of the unused part of the loan. The agreement determines Ukraine’s commitments, which are to present copies of financial accounts for every year of the period subject to audits and audit reports. According to the agreement, the first report of the project financial monitoring is to be presented no later than 45 days after the end of the first quarter after the agreement comes to effect.
