[1] Kovalenko was born on 22 March 1932 in the village of Novolyubimivka, Ukraine SSR,[2] and graduated from the Odesa Institute of National Economy in 1964.

[3] Prior to Kovalenko's ministerial role, he had held several early positions such as part of the Tokmak Raion Executive Committee of the Zaporizhia Oblast as their inspector and senior inspector of state revenues since 1958; the Vice Chairman of the Primorye Krai Executive Committee and head of the financial division in 1965; the 2nd Secretary of the Primorye Krai Committee of the Communist Party of Ukraine, deputy head of the Zaporizhzhia Regional Finance Department in 1969; an instructor of the Department of Planning and Financial Bodies of the Central Committee of the Communist Party of Ukraine in 1974; the head of the financial department of the Cherkasy Raion Executive Committee in 1976; the 1st Deputy Minister of Finance of the Ukrainian SSR in 1986.

[3] He would go on to become the 1st Deputy Chairman of the Joint Stock Company (JSC) bank named Ukraine from October 1991 to April 1992.

lastly, he was the deputy chairman of the board and Head of Affairs of JSC bank Ukraine.

The Ukrainian Cabinet of Ministers extended its deepest sympathies to his family and friends.