The World Bank                                           1, Dniprovskiy Uzviz         (380-44) 490-6671
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT  TyYTITT                         (380-44) 490-6672
INTERNATIONAL DEVELOPMENT ASSOCIATION                   Ukraine                       (380-44) 490-6673
REGIONAL OFFICE
UKRAINE, BELARUS AND MOLDOVA
A                                     April 5, 2013
DOCUM Ats
H.E. Yuriy Kolobov
Minister                                            --'     a
Ministry of Finance of Ukraine
12/2 Hrushevsky St.
Kyiv, 01008
Ukraine
Public Finance Modernization Project (Loan No. 4882-UA)
Amendment to the Loan Agreement
Excellency,
We refer to the Loan Agreement (Agreement) between the Ukraine (Borrower) and the
International Bank for Reconstruction and Development (Bank) for the above-referenced Project, dated
March 25, 2008, to our correspondences regarding amendments to the Agreement and the letter dated
March 15, 2013 sent to the Bank by the Director of the Minister Support Department requesting an
amendment to the Loan Agreement. The Bank accordingly proposes to amend the Agreement as follows:
Project Execution
1.     A new sub-Section C shall be added to Section I of Schedule 2 to the Agreement, to read
as follows:
"C.    PFMS Implementation
1.     The Borrower shall, by no later than July 31, 2013, provide evidence, satisfactory
to the Bank, that it has initiated the bidding process for the implementation of the PFMS
information and communication technology (ICT) solutions under Part 2(c) of the
Project.
2.     The Borrower shall, by no later than December 3, 2014, provide evidence,
satisfactory to the Bank, that it has approved the detailed PFMS system design developed
under Part 2(c) of the Project, as a basis for software development, testing and
acceptance.
3.     The Borrower shall, by no later than June 15, 2015, provide evidence,
satisfactory to the Bank, that the PFMS ICT solutions developed under Part 2(c) of the
Project are acceptable and fully operational."
FAX (380-44) 490-6670


-2-
Withdrawal of Loan Proceeds
2.     The table set forth in Section IV.A. 2 of Schedule 2 to the Agreement shall be revised to
read as follows:
Category            Amount of the Loan           Percentage of
Allocated            Expenditures to be
(expressed in USD)            financed
(inclusive of Taxes)
(1) Goods, services and,       44,025,000                  100%
training for Part 2(c) of
the Project
(2) Goods, services and         5,850,000                  100%
training for all Parts of
the Project, other than
Part 2(c); incremental
operating costs and audit
(3) Front-end Fee              125,000            Amount payable pursuant
to Section 2.03 of this
Agreement in accordance
with Section 2.07 (b) of the
General Conditions
TOTAL AMOUNT                   50,000,000
Defined terms used in this letter and not defined herein shall have the meanings given to them in
the Agreement.
All other terms of the Loan Agreement shall remain the same.


-3-
Please confirm your agreement with the foregoing, on behalf of the Borrower by signing, dating
and returning to us the enclosed copy of this letter. Upon receipt by the World Bank of a countersigned
copy of this letter, the amendment will become effective as of the date of the countersignature.
Very truly yours,
INTERNATIONAL BANK FO
RECONSTRUCTION AND DEVE             ENT
Vikt       y   en o
Actin     n    Director
Ukraine, Bel  s and Moldova
Europe and Central Asia
CONFIRMED N AGREED:
UKRAINE
B -7                    7
By:
Authorized Representative
Name: Ywriy       X01(/bov,
Title: Minister of Finance
Date:        rdZ_,___      0__