Poroshenko Hopes Kiev to Secure Next IMF Tranche in Near Future After Delay

© REUTERS / Valentyn OgirenkoUkrainian President Petro Poroshenko speaks during a news conference after a meeting with International Monetary Fund (IMF) Managing Director Christine Lagarde (not pictured) in Kiev, Ukraine, September 6, 2015
Ukrainian President Petro Poroshenko speaks during a news conference after a meeting with International Monetary Fund (IMF) Managing Director Christine Lagarde (not pictured) in Kiev, Ukraine, September 6, 2015 - Sputnik International
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Ukrainian President Petro Poroshenko expressed hope on Monday that Kiev would be able to secure the next tranche of the International Monetary Fund assistance, as replenishment of the country’s gold and foreign currency reserves was crucial.

Ukrainian President Petro Poroshenko wipes his brow during a press conference with his German and French counterparts following talks at the chancellery in Berlin on August 24, 2015 - Sputnik International
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KIEV (Sputnik) – On Sunday, the executive board of the International Monetary Fund (IMF) delayed the third review of its loan program to Ukraine.

The delay was caused by the blockade of the war-torn Donbass region by Ukrainian activists as well as the government's decision to suspend transport connections until a full ceasefire in east Ukraine, according to the Ukrainian Finance Ministry.

Earlier, Poroshenko stated he hoped to receive $1 billion in IMF loans before the end of the month.

"Today, the IMF at the meeting of its leadership should have provided us with another tranche of $1 billion which is critically necessary to replenish the gold and currency reserves, to retain the stability of the national monetary unit, for a very powerful signal to investors," Poroshenko said, as broadcast by the 112 Ukraina television channel.

Radicals in front of a Sberbank branch in Kiev, putting up posters which read Attention! This is a bank of an aggressor country. It will be closed. Urgently withdraw your money!, during a protest. Graffiti reads Death to Russian banks. March 10, 2017 - Sputnik International
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Kiev hopes to settle all disputes with the IMF in the near future, the president added.

"I emphasize that we need to unite together in order to receive the tranche soon," Poroshenko said, addressing the council for regional development.

In 2015, the fund approved a four-year program of financial aid to Ukraine, which stipulates a $17.5-billion loan to be paid out in installments over the program period and originally open for review on a quarterly basis. The bailout package requires Kiev to implement reforms.

Ukraine is heavily relying on foreign aid to support its economy and to pay debts amid the ongoing armed conflict with militia in the country's southeast.

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