Governor of the National Bank of Ukraine Stepan Kubiv feels confident that in a matter of days Ukraine will receive the first tranche, worth approximately USD 3.19 billion, from the International Monetary Fund.

“Through joint efforts by the experts from the National Bank and the International Monetary Fund, Ukrainian government officials, Ukraine managed to receive the IMF's financial assistance. We are fully aware of our responsibility for it and take on ambitious tasks that include reforming the financial sector, and ensuring the reliable, transparent and smooth operation of the Ukrainian banking system, which would set the Ukrainian economy on a path to sustainable growth in the near future,” said Mr Stepan Kubiv.

He noted that over USD 1 billion that would come from the first tranche would be used to replenish the gold and foreign exchange reserves of the National Bank of Ukraine, which 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 position.

Mr Stepan Kubiv also pointed out that the receipt of funds from the IMF would send a strong and positive signal to both foreign and domestic investors, which would help improve the investment climate and strengthen the stability of the hryvnia.

“This program provides new opportunities for Ukraine to receive financial assistance from international financial institutions,” noted Mr Stepan Kubiv.

As is known, on April 30, the Executive Board of the International Monetary Fund (IMF) approved a two-year Stand-By Arrangement (SBA) for Ukraine, amounting to USD17.01 billion, to support the authorities’ economic program aiming to restore macroeconomic stability and secure economic growth.