Ukrainian President Petro Poroshenko is confident that Ukraine will continue cooperation with international financial institutions (IFIs).
“It is clear that the achievement of macroeconomic stability has become possible, first of all, thanks to cooperation with international financial institutions. I am firmly convinced that we will continue cooperation in the future, because we are the only team in Ukraine’s history that ensured the implementation of six consecutive memorandums with the IMF [International Monetary Fund]. Before that, they promised, they took money and forgot to carry out reforms,” the head of state said at a meeting of the National Investment Council in Kyiv on Friday.
At the same time, he added that the IMF funds are sent to the country’s forex reserves, which in the past four years grew 3.5-fold, to $18 billion.
“Despite the fact that Ukraine paid more than $4 billion this year, forex reserves now amount to $18 billion. Compare with the situation that was late 2014 – early 2015: forex reserves – $5 billion, and you had to pay $8 billion. How could we avoid default? They believed us, and today the most difficult period also passed, and in these four years the forex reserves grew 3.5-fold. This is the answer where are the funds of the IMF. They are carefully preserved in the forex reserves of the country,” Poroshenko said.