President of Ukraine

President: IMF support for Ukraine is like blood for the human body now

17 April 2020 - 23:33

President: IMF support for Ukraine is like blood for the human body now

Continued cooperation with the International Monetary Fund will open the door for other countries to help Ukraine, as it will be a signal to the whole world that our country can be trusted, President Volodymyr Zelenskyy said.

"If it was at other times, if it was calm, we could talk about whether it is profitable to us or not. I talk to the leaders of the countries almost every day, with the United Arab Emirates, Azerbaijan, Canada, Germany ... All of them are focused on one thing. They say: if there is (a continued cooperation of Ukraine with the IMF- ed.), we will support you. This includes humanitarian aid, preferential credits to support the economy of Ukraine. It depends on the signal. The signal is one for them - a memorandum with the International Monetary Fund. It is about trust in Ukraine,” the Head of State said during the talk show “Freedom of Speech by Savik Shuster”.

Volodymyr Zelenskyy stressed that cooperation with the IMF is very important for Ukraine in the current circumstances - during the coronavirus pandemic and the global economic crisis.

"Now it (IMF assistance - ed.) is like blood for the human body," the Head of State said.

The President reminded that a $ 5.5 billion cooperation program with the IMF for three years was agreed earlier. Now an agreement on  $ 8 billion was reached, according to the Head of State. Together with the assistance from the World Bank and the EU, Ukraine's total financial support could amount to $ 10 billion.

At the same time, Volodymyr Zelenskyy reminded that in order to cooperate with the IMF and receive the aforementioned support, Ukraine must fulfill two conditions: to approve the land reform and the law on banks and banking activities. The first condition has already been fulfilled - the Verkhovna Rada approved the law on the circulation of agricultural land.

The Head of State expressed his belief that despite the considerable resistance to the adoption of the banking law, to which more than 16 thousand amendments were submitted during preparations for the second reading, it will also be approved.

"We are strong people, young people - we will cope with that," Volodymyr Zelenskyy concluded.