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Poroshenko confirms IMF allocated another tranche worth $1 billion to Ukraine

September 15, 2016, 4:38 UTC+3

In March 2015, IMF adopted a four-year loan program for Ukraine worth $17.5 billion

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KIEV, September 15. /TASS/. The International Monetary Fund (IMF) has provided another tranche to Ukraine, the press service of Ukrainian Preisdent Pyotr Poroshenko said on Thursday.

"The decision of the Fund paves the way for allocating financial aid by the United States worth $1 billion and macro-financial aid by the European Union in the framework of additional 600 million euros, along with by other international financial organizations," the press service quoted Poroshenko as saying.

This will allow the country "to maintain stable hryvnia, strengthen the macroeconomic stabilization that has been achieved and support the first sprouts of economic growth," the Ukrainian president said. "We will be able to make first steps to increase social standards in the framework of the budget for 2017 the draft of which will be presented in the next few days," he added.

Poroshenko also expressed confidence that "in the global sense, the point here is not the money." "IMF’s positive decision means that the world recognized that reforms are implemented in Ukraine, that qualitative and positive changes are happening in Ukraine, and the country is moving in the right direction," he said noting that providing aid means "that the reforms were highly assessed."

In March 2015, IMF adopted a four-year loan program for Ukraine worth $17.5 billion. It replaced the previous program from 2014 which was not implemented. In the framework of the new program, Kiev already received two tranches worth $5 billion and $1.7 billion.

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