Poroshenko and Biden have agreed on the provision of the third loan installment in the amount of $1 billion to Ukraine. The agreement will be signed in the near future.
On the 13th of May, the President of Ukraine, Petro Poroshenko, and the Vice President of the United States, Joe Biden, agreed to the provision of the third tranche of a loan in the amount of $1 billion to Kiev, the press service of the Ukrainian President reported. Poroshenko informed Biden on the progress made towards upgrading the public finance system and improvements in the Ukrainian business climate.
In addition, the Ukrainian President expressed his hope that the results of reforms in the country will allow for the enhanced support of the U.S.A., the International Monetary Fund and other Ukrainian partners.
The fundamental agreement on the provision of this tranche was reached in early April during a meeting between Petro Poroshenko and U.S. President Barack Obama during the Washington Nuclear Security Summit. The formation of a new government in Ukraine was a condition to the provision of the loan.
In April 2016, Arseniy Yatsenyuk announced his resignation as Prime Minister of Ukraine. After that, the Chairman of the Verkhovna Rada, Volodymyr Groysman was elected as the new Prime Minister of Ukraine. The new Cabinet of Ministers was announced later that day.