The meeting of the Board of Directors of the International Monetary Fund has just wound up and a decision was approved to grant a USD 17.5 billion loan to Ukraine. This is a four-year program, which is a response to the ongoing reforms in Ukraine and which obliges us not to stop but proceed.
The program envisages a four-year plan for economic and financial stabilization within the country and also opens the door for another USD 7.5 billion assistance to ensure stabilization and growth of the Ukrainian economy.
Thus, during four years Ukraine will receive an overall loan worth USD 25 billion, which will enable us to stabilize the economy, to stabilize the financial sector, they are directed to regulate the exchange rate of the country and will provide an opportunity for the Ukrainian economy to grow starting in 2016.
I want to express my gratitude to the members of the parliamentary coalition for the support of Governmental initiatives and to the President of Ukraine for we acted together in the process of drafting, signing and implementing of our joint reform program. This reform program is neither designed by the International Monetary Fund nor envisaged for the International Monetary Fund. This is the programme of changes and reforms for Ukraine.
We are well aware that it is the beginning and the continuation of the difficult path. A complex way to ensure stabilization of the economy and lay the foundation for the economic growth, creating new jobs, raising living standards, increasing wages, improving trade performance and entrepreneurship.
Now we are going through quite a difficult period, but this period is a key to creating a very powerful and strong economic, financial, social and political future of Ukraine.
We have received very broad support of our international partners, and despite all the efforts of the Russian Federation, we have managed to prove to the world that we are pursuing the reforms, and only under the implemented reforms the International Monetary Fund decided to provide the financial assistance to Ukraine.
On our agenda there is now the implementation of all activities included into the Action Programme for the Cabinet of Ministers and the coalition agreement. These are further tax reform, social, economic reforms, also deregulation, curbing corruption, reducing the burden on the State Budget through termination of certain inefficient programs. It is a comprehensive and inclusive plan for a new Ukraine, a European Ukraine, which is backed by our western partners and our allies.
There is no need to celebrate much as we've worked hard to have this program approved, and there is much more to be done to facilitate that Ukraine could become a strong, economically mature and politically stable state. Despite the fact that the Russian Federation has been trying to destabilize the situation in the country and continues its actions, we will survive, overcome and will further pursue the way towards a European Ukraine and will not deviate from this complex, but the only right choice for Ukraine and the Ukrainians.