The Directors Board of the IMF has approved the stand-by program of financial assistance for Ukraine. It is accounted for 14 months-long period. The general amount of money makes 3.9 billion U.S. dollars. Petro Poroshenko, the Ukrainian leader posted that on Facebook.
The head of the Ukrainian state admitted that the IMF also made the decision to assign part of the sum, 1.4 billion dollars, for the first tranche within this program. The tranche is expected to take place in the near future.
'This decision of the Fund is another important signal in recognition of our non-conditional progress in the macroeconomic stabilization and the proof of success in the reforming efforts. Such decisions of the leading financial institutes provide the stability of our confident movement and increase Ukraine's fortitude in the view of tough domestic and international challenges', Poroshenko wrote.
In October, the Ukrainian government decided to increase the gas prices by 23.5 percent, starting from November 1. Over an hour after the respective decision of the Cabinet, a message appeared on the IMF website saying that Ukraine and the Fund reached the agreement on the new stand-by program for 3.9 billion-dollar program. It is to extend the EFF program expiring in March 2019.