The approval by the International Monetary Fund (IMF) of a $ 5 billion cooperation program with Ukraine for 18 months and the allocation of the first tranche in the amount of $ 2.1 billion is a great victory for the Ukrainian state, President Volodymyr Zelenskyy said.
"I think this is our great victory. This night everything was completely agreed. The IMF fully approved our program," the President said, answering questions of media representatives during a working trip to the Chernihiv region.
Volodymyr Zelenskyy said that initially the IMF had planned to allocate $ 1.9 billion in the first tranche. However, due to his personal arrangement with IMF Managing Director Kristalina Georgieva, the Fund will allocate $ 2.1 billion.
"I explained that the situation is difficult and we do not have enough money. And we have to pay dreadful interest rates because of the big loans of the past. That is why I urged and insisted that we should reach an understanding and increase the first tranche," the President said.
Volodymyr Zelenskyy said that Ukraine would receive the first tranche in the near future.
The Head of State added that in the framework of cooperation with the Fund, Ukraine would receive $ 3.5 billion by the end of 2020.
