Ukraine`s key creditor, the International Monetary Fund, has completed the third review of its cooperation program with Ukraine involving the Extended Fund Facility and approved for the first time in history the allocation to Ukraine of the fourth loan tranche worth $1 billion, President Petro Poroshenko wrote on Facebook.
”The Executive Board of the IMF decided to allocate $1 billion to Ukraine. This is another recognition of Ukrainian reforms!” wrote the head of state.
The receipt of the fourth tranche of the IMF loan is an unprecedented event for Ukraine, since the country has earlier suspended the implementation of loan programs at earlier stages.
According to preliminary statements by the Ukrainian authorities, the tranche will be transferred to the international reserves of the National Bank, which will contribute to the stability of the national currency, the hryvnia.
Earlier, on March 19, or on the very eve of a scheduled meeting of the IMF Executive Board on Ukraine, it was postponed in connection with the need to clarify the macroeconomic indicators after the introduction of the trade blockade of the occupied territories of Donetsk and Luhansk regions by the decision of the National Security and Defense Council.
President of Ukraine Petro Poroshenko on March 31 expressed confidence that at a meeting of the Executive Board rescheduled for April 3, will see a positive decision to provide Ukraine with the next tranche totaling $1 billion.