IMF Executive Board Approves New Stand-by Arrangement for Ukraine
IMF approved an immediate disbursement of $ 1.4 billion within this program
Photo from facebook.com/petroporoshenko/
On Tuesday evening, December 18, the IMF Executive Board approved a new Stand-by arrangement for Ukraine and filed the decision regarding the first tranche, as stated by the IMF in a press release.
The loan agreement amounts to about 3.9 billion US dollars. Also the IMF approved an immediate disbursement of 1.4 billion US dollars within this program. The Board also took note of the decision of Ukraine to cancel the agreement on the Extended Loan Program (EFF) for Ukraine, which was approved on March 11, 2015.
President Petro Poroshenko extended a warm welcome in regards with to the new arrangement with the IMF.
“Such decisions that come from leading world financial institutions ensure stability of our progress and strengthen the resilience of Ukraine against severe internal and external challenges.”, states the Poroshenko on Facebook.
He noted that the decision of the Fund is another important signal to recognize Ukraine’s unconditional progress in macroeconomic stabilization and is evidence of success in the reform efforts.