KIEV, July 13 – The package of seven fiscal bills which Ukraine's parliament is expected to consider this week, if adopted will raise the expenditures of the state budget by nearly 2% of GDP in the remainder of 2015 and 3.5% of GDP in 2016, significantly undermining the ongoing efforts to restore fiscal sustainability and macroeconomic stability in Ukraine, the International Monetary Fund said.

"We note with concern recent legislative initiatives that aim to reverse this progress. In particular, the recent package of seven draft bills in the fiscal area proposed for Parliament's consideration in the coming week would roll back important policies that were put in place in the context of the IMF supported program in the areas of pension reform, energy sector reform, and expenditure rationalization," Director of the IMF's European Department Poul Thomsen said in a statement released late on July 12.