The funds will replenish gold and forex holdings and stabilize hryvnia exchange rates

Chair of the National Bank of Ukraine Stepan Kubiv assures the first tranche will be given to Ukraine by the International Monetary Fund in coming days, the amount of which will make up around $3,19 billion, the press-office of the NBU reports.

«Joint efforts of specialists of the NBU, government officials of Ukraine and representatives of the International Monetary Fund have made it possible to get the IMF’s financial aid, - said Stepan Kubiv. – We are fully aware of our responsibility and set ambitious tasks including the reformation of the financial sector and measures to ensure reliable and transparent functioning of the Ukraine’s banking system, what will firstly spur up sustainable economic growth in the near future».

Mr.Kubiv underscored that over $1 billion of the first tranche will be used to replenish the NBU’s gold reserves what will enable in its turn to reinforce the financial system of Ukraine.  The rest will cover the government budget deficit, so it will be used for macroeconomic stabilization and economic recovery in Ukraine.

Additionally, Stepan Kubiv noted that this financial support will improve the investment climate, enhance financial stability and local currency - hryvnia.

«This project opens up new opportunities for a large-scale financial support from other world’s biggest financial institutions», - he said.

It was reported that on April 30, this year the Board of Directors of the International Monetary Fund approved disbursement of loan to Ukraine amounting to $17,01 billion over two years through the stand-by arrangements to support the economic recovery program launched by the Ukrainian government in order to facilitate its economic growth.