IMF approved a program of assistance to Ukraine in 14 months at 3.9 billion dollars
Moscow. 19 Dec. INTERFAX.RU — the Board of Directors of the International monetary Fund (IMF) has approved a program of support for economic policy (stand-by arrangement, SBA) in the amount of $3.9 billion and the first loan tranche of $1.4 billion, said the President of Ukraine Petro Poroshenko.
“More good news — as agreed with the managing Director of the IMF, Christine Lagarde, the IMF Board of Directors adopted a program of assistance to stand-by for Ukraine in 14 months for a total of $3.9 billion and Approved a decision on allocation in the programme of the first tranche of $1.4 billion, which will be held in the near future”, — wrote Poroshenko on his page in Facebook on Tuesday evening.
The President of Ukraine said that the IMF’s decision is “another important signal about the unconditional recognition of our progress in macroeconomic stabilization and the proof of the success of reform efforts.”
“Such solutions from leading global financial institutions provide continuity to our steady motion and strengthen the stability of Ukraine on the background of complex internal and external challenges. Steadily marching on,” — said Poroshenko.
In Kiev was counting on the adoption by the IMF Board of Directors decisions on the opening of new 14-month program of support for economic policy stand-by arrangement (SBA), which will replace the program of expanded financing (EFF) approved in March 2015 and expiring in March 2019. It is assumed that the stand-by program of about $3.9 billion to help Ukraine to maintain macro stability during the presidential and parliamentary elections in 2019, when the country is also facing peak payments on external debt.
According to the National Bank of Ukraine, the amount of the first tranche under the program stand-by will amount to $1.4−1.9 billion, the funds will go until December 25.