The Head of State has noted that Ukraine was successfully fulfilling the Stand-By program and implementing the reforms necessary for the maintenance of financial stability and the restoration of economic growth.

Following the meeting, Christine Lagarde has told the journalists that the request of Ukraine would be soon submitted for consideration by the IMF Board of Directors. She has emphasized that the EFF program would be considered to replace the current Stand-By program.

"Ukrainian authorities demonstrate determination to implement the long-term structural reforms," the IMF Managing Director said. She has noted that already introduced fiscal measures were aimed at restoring the economic growth.

Minister of Finance of Ukraine Natalie Jaresko, who was also present at the meeting, noted that "Ukraine is requesting an Extended Fund Facility (EFF) to establish a longer term partnership with the International Monetary Fund". According to her, consultations with the holders of sovereign debt will be held with a view to improving medium term debt sustainability.  "The EFF will allow us to gain access to additional resources, which in turn will enable us to return to economic growth, restore adequate foreign exchange reserves, and ensure economic and financial stability going forward," the Minister emphasized.

Press Office of the President of Ukraine