Ukrainian Finance Minister Oleksandr Danylyuk is not going to resign despite his bitter conflict with the nations Prime Minister Volodymyr Groysman, the minister told journalists on May 31.

"I have never said I'm going to resign. We've done much and there is much to be done. Let others resign. I'm not going to resign - this is my position," Interfax news agency quoted Danylyuk as saying.

In April 2016, Danylyuk replaced US-born Natalie Jaresko as the country's finance minister. The former investment manager previously served as deputy head of President Petro Poroshenko's administration, as well as being a freelance advisor to Viktor Yanukovych before his ouster.

The minister is one of Kyiv's key negotiators with the country's main donor, the International Monetary Fund (IMF). However, his possible resignation is unlikely have any dramatic effect on Kyiv's cooperation with the multinational lender due to the fact that the IMF's $17.5bn support programme has been de-facto stalled since 2017.

Danylyuk unsuccessfully tried to get his adviser Yana Bugrimova appointed as deputy minister during a cabinet meeting on May 23, according to a letter of explanation he sent to the G7 ambassadors in Kyiv. "I've been insisting on appointing Jana for more than two years - since my first days in the office," the letter, published by online outlet Ekonomichna Pravda, reads.

Danylyuk also informed the G7 ambassadors that he offered Groysman to file a request for the minister's resignation to the nation's parliament, the Verkhovna Rada. "I [have] reached the limit in looking for compromises [with the PM]," the letter reads.

Ukrainian media and financial experts provide cautious comments on the conflict mainly due to the fact that infighting among the nation's politicians and government officials is common.

"As a technocratic finance minister who has striven to maintain strong fiscal discipline, Danylyuk has earned the disfavor of both Groysman and Poroshenko, who are tempted to raise fiscal outlays ahead of the 2019 elections," Alexander Paraschiy at Kyiv-based brokerage Concorde Capital believes. "Therefore, we see his replacement for more loyal figure as possible, but only after Ukraine gains the next IMF tranche."

The analyst added that from the economic side, the key risk in replacing the finance minister is the widening of public spending and the budget deficit, which may add inflationary pressure and result in monetary policy hardening by the central bank in late 2018. "In turn, this may further limit economic growth in subsequent years and aggravate Ukraine’s sovereign debt risks."

Recently, dt.ua news outlet reported that Groysman considers replacement of the minister by Nina Yuzhanina, head of parliamentary committee on fiscal policy and a close associate of the nation's President Petro Poroshenko. Yuzhanina is well-known for drafting an alternative tax reform in 2015, which was heavily criticized by the country’s main donor, the IMF.