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Kiev to use first portion of IMF loan for augmenting gold and currency resreves

May 05, 21:11 UTC+4 KIEV
On April 30, the IMF Board of Governors approved a two-year standby credit facility of $17 billion for Ukraine
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© EPA/ROMAN PILIPEY

KIEV, May 05. /ITAR-TASS/. Kiev will use the first portion of the International Monetary Fund (IMF) loan for augmenting its gold and currency reserves in order to stabilize the financial situation in the country, National Bank Chairman Stepan Kubiv said on Monday, May 5.

“Over $1 billion from the first portion of the loan will go into the gold and currency reserves of Ukraine, which will strengthen the financial system of the country. The remainder will go to the budget to stabilize the macroeconomic and financial situation in Ukraine,” he said.

Kubiv believes that the IMF loan “will send a positive signal to foreign investors and domestic entrepreneurs, improve the investment climate in the country and stabilize the hryvnia”.

On April 30, the IMF Board of Governors approved a two-year standby credit facility of $17 billion for Ukraine. The first portion will amount to around $3.2 billion.

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