IMF agreed to allocate $ 5.5 billion to Ukraine

Source : 112 Ukraine

IMF Managing Director Kristalina Georgieva confirms agreement on cooperation with Ukraine on new program worth $ 5.5 billion
09:21, 8 December 2019

Open source

An agreement was reached on cooperation between Ukraine and the IMF on a new lending program. President of Ukraine Volodymyr Zelensky and Managing Director of the International Monetary Fund Kristalina Georgieva discussed this during a telephone conversation, the press service of the President and the Cabinet of Ministers reports.

“Our conversation with the IMF Managing Director Kristalina Georgieva was very constructive. I am glad that we have found full understanding and our turbo mode was highly appreciated by the IMF. I am grateful to the parliament, government and our entire team for the tireless work for the sake of Ukraine,” Zelensky said.

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The head of the IMF praised the economic achievements of the new government and the progress in implementing government reforms.

Based on the results of the conversation, the parties noted that Ukraine and the International Monetary Fund reached an agreement (Staff Level Agreement) on a new cooperation program.

Kristalina Georgieva confirmed the agreement on cooperation with Ukraine on a new program worth 4 billion SDR (Special Drawing Rights), or about $ 5.5 billion, the press service of the Fund said.

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"Today I had a very constructive conversation with President Volodymyr Zelensky. During our conversation, I thanked the president for the impressive progress made by him and his government over the past few months in promoting reforms and continuing a sound economic policy. I assured the president of the IMF’s readiness to support the government’s political program to maintain macroeconomic stability and raise the economy to a path of higher, sustainable and comprehensive growth, including through the new IMF-supported programs," Georgieva said.

According to her, the agreement is subject to approval by the IMF leadership and approval by the Executive Council, and its effectiveness will depend on the implementation of a number of preliminary actions by Ukraine.

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Georgieva and Zelensky agreed that the economic success of Ukraine to a decisive degree depends on strengthening the rule of law, increasing the integrity of the judicial system and reducing the role of personal interests in the economy. It is extremely important to guarantee the successes achieved in cleaning the banking system and to reimburse large expenses for taxpayers from banking decisions.

As we reported, the mission of the International Monetary Fund intends to continue discussions on a new lending program for Ukraine.

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