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IMF tranche to be directed to NBU reserves

IMF tranche to be directed to NBU reservesMinister of Finance of Ukraine said the tranche will go to bank reserves and will work to stabilize hryvnia, and hence the stability of the financial system.

International Monetary Fund is the key creditor of Ukraine that extended the four-year program of cooperation with Ukraine, adopted in March 2015.

IMF has just approved allocation of the third tranche of the loan amounted to $1 billion to help hryvnia stabilization and the stabilization of the whole financial system, according to the Minister of Finance of Ukraine Oleksandr Danyliuk.

The Minister of Finance posted on his Facebook page: "The Board of IMF Directors decided to grant Ukraine the next tranche of $1 billion. This is the third tranche under the Extended IMF Funding program. Getting the third tranche in our history under the same program is a very rare phenomenon. But after more than a year break we did it, no matter how difficult it was.

"Thanks for the coordinated work of my colleagues in government and personally the Prime Minister, the head of the National Bank, MPs, and the President. Special thanks to my team in the Ministry of Finance. IMF tranche is the sign of trust to our government, confirmation that we are on the right track, and a very positive signal to investors. Tranche will go to NBU reserves and will facilitate the stability of the hryvnia, and hence the stability of the financial system," Danyliuk added.

"Moreover, IMF loans allow to revitalize the economy and as a result to reduce the debt burden," stressed the minister.

He also noted that IMF funds are available at low interest rates.
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