Switzerland will shortly release first bilateral credit tranche for Ukraine
Bern, 20.01.2017 - During a bilateral meeting at the WEF Annual Meeting in Davos, Doris Leuthard, President of the Swiss Confederation, informed the President of Ukraine, Petro Poroshenko, that the Swiss National Bank will transfer the first credit tranche of USD 100 million to the National Bank of Ukraine in the next few weeks. This tranche is part of a bilateral credit which Switzerland granted to Ukraine within the scope of the multilateral monetary assistance programme coordinated by the IMF.
In February 2015, in consultation with the Swiss National Bank (SNB), the Federal Council decided that Switzerland would participate in the internationally coordinated monetary assistance in favour of Ukraine. The Federal Council instructed the SNB to grant the National Bank of Ukraine (NBU) a credit of USD 200 million. The Confederation has given the SNB a guarantee for timely reimbursement and interest payments. The SNB loan is linked in particular to the successful verification of the implementation of the IMF programme by Ukraine.
With its monetary assistance, Switzerland is participating in the multilateral assistance package coordinated by the IMF to achieve financial stability in Ukraine. Over the past two years, Ukraine has undertaken immense reform efforts. On the basis of the last successful examination of the programme by the IMF in October 2016, the Federal Council deems that the requirements for the payment of the first credit tranche of USD 100 million have been met. During the meeting at the 2017 WEF Annual Meeting, the President of the Swiss Confederation, Doris Leuthard, confirmed to her counterpart Petro Poroshenko that the SNB would transfer this amount to the NBU in the coming weeks.
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