The decision of the Board of Directors of the International Monetary Fund on the continuation of a four-year cooperation program with Ukraine, adopted in March 2015, and the disbursement of the third credit tranche in the amount of $1 billion to Ukraine will help to stabilize the hryvnia exchange rate and the country`s financial system as a whole, Ukrainian Finance Minister Oleksandr Danylyuk wrote on Facebook.
”The International Monetary Fund`s Executive Board has decided to grant Ukraine the next tranche of $1 billion This is the third tranche within the IMF Extended Fund Facility Program. In our history, getting the third tranche within the same program is a very rare phenomenon. But after more than a year of pause, we did it, whatever difficult it might be,” Danylyuk said.
”I thank my government colleagues and personally the prime minister for the well-coordinated work, I thank the NBU head, MPs, and the president. Special thanks to my team from the Ministry of Finance. The IMF tranche is the confidence in our government, the confirmation that we are on the right path, and a very positive signal to investors. The tranche will go to the reserves of the National Bank of Ukraine and will contribute to the stability of the hryvnia exchange rate, and hence the stability of the financial system,” he said.
Danylyuk also stressed that the IMF funds were provided at low interest rates.
”Moreover, the IMF loans allow us to restore the economy and as a result reduce the debt burden,” the minister said.