Ukraine's parliament, the Verkhovna Rada, will adopt legislation necessary to set up an independent anti-corruption court in the second reading on June 7, Ukrainian Finance Minister Oleksandr Danylyuk said in a televised interview on June 5.

He said Ukraine would have to cut budget expenditures by $4bn without new money from the International Monetary Fund (IMF) but that he would not entertain the question of Ukraine restructuring its sovereign debt, according to Reuters.

Establishing an independent anti-corruption court is a crucial condition for a new tranche from a $17.5bn support package agreed by Kyiv with the IMF in 2015. Ukraine has received $8.4bn from the IMF so far under the lender's programme.

In February, Ukrainian President Petro Poroshenko said that he personally appealed to the country's parliament, the Verkhovna Rada, with regard to the bill on the anti-corruption court. The parliament can make any changes there during preparation for the second reading of the bill, the president added.

Meanwhile, in January, the IMF sent a letter to the Ukrainian leadership in which the lender expressed "serious concerns" about the bill, as several provisions are not consistent with the authorities’ commitments under a $17.5bn support programme agreed with Kyiv in 2015, and the recommendations of the Venice Commission of the Council of Europe.

The IMF said that the bill opens up opportunities for additional delays in establishing the court. According to the multinational lender, the establishment and operation of the court is a key pillar of Ukraine’s anti-corruption agenda; however, in its current form the IMF said it would not be able to support the bill.

Specifically, the bill lacks the transparent appointment of competent and trustworthy anti-corruption judges. International organisations and donors want to be able “recommend” members for a public council of international experts and their role in the process should be “crucial”, not “just advisory”, the IMF letter read.

"Our base case about the anti-corruption court has long been that an eleventh hour compromise with the IMF would be reached and therefore we’ve looked past all the noise," Bloomberg quoted Richard Segal, a senior analyst at Manulife Asset Management in London, as saying on June 4.

According to the National Bank of Ukraine (NBU), the absence of financial support from official creditors increases the vulnerability of the country’s economy and financial market, especially when access to global capital markets is limited.