Ukraine gets 1.4 bln USD in first tranche from IMF

Source:Xinhua Published: 2018/12/22 8:54:56

Ukraine has received the first tranche of 1.4 billion US dollars from the International Monetary Fund (IMF) fresh Stand-By Arrangement (SBA), Ukraine's central bank said on Friday.

The funds helps the East European country to boost its foreign exchange reserves to 20.1 billion dollars, the highest level in five years, the bank said in a statement.

The aid, which is expected to pave the way for financial assistance from other creditors, including the European Union and the World Bank, will allow Ukraine to maintain the sufficient level of reserves throughout 2019, the bank said.

On Tuesday, the IMF Executive Board approved 14-month SBA for Ukraine worth 3.9 billion dollars.

The Ukrainian government said the program would be an instrument to ease Ukraine's debt burden, reduce inflation, intensify anti-corruption, tax, and energy reforms and keep Ukraine's sustainable growth during the presidential and parliamentary elections in 2019.

Posted in: EUROPE

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