Poroshenko confident memo with IMF will follow signing US $1 bln loan guarantee agreement

Ukrainian President Petro Poroshenko has welcomed the singing of the $1 billion loan guarantee agreement with the United States. He expressed hope that the signing of the memorandum of cooperation with the International Monetary Fund (IMF) will follow..

"It [the signing of the agreement] is the evidence of the fact that the U.S. is a reliable strategic partner of Ukraine," he said after the signing of the document, the president's press service reported.

Poroshenko expressed confidence that the singing of the agreement on allocation of $1 billion assistance to Ukraine will be followed by the signing of the document on Ukraine's cooperation with the IMF, other financial institutions, as well as provision of macrofinancial aid by the EU. It will facilitate economic development of Ukraine, he said.

"I am very grateful to the United States for such a timely and important aid for our state. I am sure that we will rebuild our state with the support of the global coalition," the Ukrainian president said.

According to Poroshenko, as soon as the signature of the agreement on macro-financial aid was announced, the world-famous international ratings agency Moody’s has immediately revised its forecast for the exchange rate of the Ukrainian hryvnia. Ukrainian stocks have improved their position on the European market, which is a "symbol of investors’ belief in Ukraine."

"Our today’s agreement is a common front of countering the aggression of Russia against Ukraine. They do not want and fear our success," the president said.

In turn, Ambassador of the United States to Ukraine Geoffrey Pyatt called the signing of the agreement an important step of the president and new Ukraine on the path to stability and economic growth, an additional incentive for reforms that are already being implemented and an evidence of fulfillment of commitments of the United States to the people of Ukraine.

"Signing of the agreement on loan guarantees is an evidence of noticeable and substantial progress of reforms in Ukraine that you, Mr. President, and the Ukrainian government have managed to achieve," the Ambassador said.

Pyatt also noted that the given agreement, just as the previous loan guarantees, would contribute to the implementation of the IMF programs.