The IMF’s Executive Board has adopted a positive decision on the extension of the cooperation program with Ukraine and allocation of additional financial aid.
Ukraine’s President Petro Poroshenko wrote.
“For the first time in the history of the Ukraine-IMF relations, we’ve received the third tranche of aid under a single cooperation program,” Poroshenko remarked.
According to him, the fund’s decision paves the way for the allocation of financial assistance from the United States in the amount of $1 billion, the European Union – macro-financial aid in the amount of additional 600 million euros, and other international financial institutions.
“And what is much more important, it opens a window of opportunity to attract foreign investment in the Ukrainian economy,” the head of state noted.
He believes all this will help keep the hryvnia stable, preserve the achieved macroeconomic stabilization, and support the first shoots of economic growth.
“With the 2017 budget, the draft of which will be presented one of these days, we’ll take first steps to improve social standards. On Tuesday, at a meeting of the National Security and Defense Council, I gave the government certain instructions and directives. However, on a large scale, this story is not about money. The IMF’s positive decision indicates that the world recognizes that reforms and positive changes are underway in Ukraine, and the country is moving in the right direction. It is an appreciation for both economic reforms and our first results and steps in fighting corruption. Anti-corruption policies and practices matter significantly when the IMF decides on granting a loan,” Poroshenko stated.
“And, paradoxically, the adopted resolution is also a signal to the aggressor that tries to hamper us even during the IMF’s Executive Board session. Russia’s attempts to undermine the IMF’s solidarity with Ukraine and disrupt a positive decision on the next tranche have failed. The Kremlin has lost in this battle. The reforms make us stronger, and we altogether become more resilient in the face of external aggression,” he summed up.