In the 2019 fiscal budget, it was convinced that IMF should resume their aid toward Ukraine.
The commitment of $3.9 billion will need a lot of boost from the country so that it is able to face the aggression from Russia which is escalating day by day. On 18th of December 2018, the tension with Russia on the presidential election, Ukraine was able to secure a funding commitment of $3.9 billion from IMF which stands for the International Monetary Fund.
This assurance from IMF will help Ukraine maintain its stability in their nation. Ukraine is facing a very challenging situation now so this was a perfect way to make everything smooth in the nation. This news was tweeted by President Petro Poroshenko and according to the news, the first sum of money that the country will be receiving is $1.4 billion on the 25th of December 2018. The next payments will be processed after a 14-month period on approval. This loan was approved by the IMF on the fiscal budget of 2019.
The World Bank has also come out and announced that they will be helping Ukraine with a $750 million loan so that the country is able to successfully fight against corruption and also can utilize the money toward agriculture, health care, and utility subsidies.
Last year IMF had to freeze a $17.5 billion aid package to Ukraine because of the country’s lack of process implementing reforms. Ukraine has worked really hard on this deal so that it is successfully able to grab the funding.
Ukraine is now fighting really hard to stop corruption in the country because corruption is the only thing that is stopping them from achieving their goal as a country.
Ukraine has been struggling for quite some time and this is the reason why the IMF and the World Bank is trying to loan money to the country so that the stability of the country can be maintained.
Ukraine is facing a lot of heat from Russia after Ukraine publicly accused Russia of implementing a blockage in the economy. In March 2019, Ukraine will be electing their next president and this is why the President of Ukraine is working really hard to keep the country stable so that the election could be conducted peacefully. Petro Poroshenko is looking to win the next election and be in power.