Ukraine has received the first tranche of funds from the IMF
07 May 2014 22:38
Ukraine has received the first tranche of SDR 2.058 billion of IMF loans (about US$3.19 billion) under a two-year Stand-By Arrangement approved by the Executive Board of the International Monetary Fund IMF.
All funds of the first tranche arrived in Ukraine on Tuesday in the volume planned.
Governor of the National Bank of Ukraine Stepan Kubiv said earlier that over US$1 billion from the first tranche of IMF loans would be used to replenish the gold and foreign exchange reserves of the National Bank of Ukraine that would enable Ukraine to strengthen its financial system. The remaining funds will be channeled to the budget to restore macroeconomic stability and bolster Ukraine's financial situation.
As it is known, on April 30, 2014, the Executive Board of the IMF approved a two-year Stand-By Arrangement for Ukraine, amounting to US$ 17.01 billion, to support the Government economic program aiming at restoring macroeconomic stability and secure economic growth.
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