Davos, Switzerland, January 15, 2015 – Today Minister of Finance of Ukraine Natalia Jaresko announced that the Government of Ukraine filed the request for Mechanism of Extended Fund Facility (EFF) to establish the long-term partnership with the International Monetary Fund.
This happened immediately after the meeting between the President of Ukraine Petro Poroshenko, IMF Managing Director Christine Lagarde, Minister of Finance of Ukraine Natalia Jaresko and Chairman of the National Bank of Ukraine Valeria Gontareva.
The EFF mechanism will provide the long-term support over the next four years, which will allow Ukraine to return to economic growth, to restore an adequate level of foreign exchange reserves and to ensure the economic and financial stability in the future. A part of this overall plan is consultations of the Ministry of Finance with the owners of Ukrainian sovereign debt to improve medium-term financial stability. As soon as arrangements with the IMF are achieved the Ukrainian government will present steps of further consultations with its creditors.
"Markets expected this step and must positively accept it, as it will provide the financial support needed to quickly launch Ukraine's economic recovery and bring acceptable results for all stakeholders. Today's decision once again demonstrates to the international financial partners and creditors the continued commitment of the Ukrainian government to the ambitious program of reform and macro-economic stability, "- Minister Natalia Jaresko commented.
While Ukraine continues its discussions with the IMF on the EFF mechanism, Ukraine's leaders will continue to work with international financial institutions and partners around the world on obtaining additional financial resources to support the country's reform program.
.
