Poroshenko predicts strengthening of hryvnia after resumption of IMF funding
Ukrainian President Petro Poroshenko has predicted that the Ukrainian hryvnia will strengthen to less than UAH 17-19 per U.S. dollar, after the International Monetary Fund (IMF) resumes its financing of the country.
"The rate fixed at UAH 17-19 [per U.S. dollar] doesn't mirror a real correlation and purchasing power of the national currency. Panic is a significant factor here. This panic needs to be stopped," he said at a press conference on Monday, where he discussed the results of the year.
"Do you know when it [panic on the forex market] stops? Right after an agreement with the IMF is signed, when we get large replenishments of the forex reserves. Then investors will have more confidence in the country," Poroshenko added.
A package of legislative amendments, and the national budget for 2015 passed by parliament on Sunday, will be conducive to the resumption of IMF funding, and the restoration of investors' trust, he said.
In his words, the adoption of the national budget was necessary for returning to talks with international financial organizations.
