GENEVA: The National Bank of Ukraine (NBU) signed an agreement with the Swiss National Bank (SNB) on allocation of a $200-million loan to Kiev to restore its gold and currency reserves, the NBU said in a press release Monday.
On January 22, Ukrainian President Petro Poroshenko and his Swiss counterpart Johann Schneider-Ammann agreed on the provision of $200 million to Kiev.
“The National Bank of Ukraine signed a bilateral loan agreement with the Swiss National Bank… The agreement stipulates arrangement of credit in the amount of $200 million,” the press release reads.
Vice President of the United States Joe Biden speaks at a meeting of Ukraine’s Verkhovna Rada in Kiev.
The statement added that the deal, which came into effect on April 6, complemented the previous Kiev’s agreements with the International Monetary Fund (IMF) to stabilize Ukraine’s financial system.
Currently, Ukraine increasingly relies on external funding to reanimate its economy in light of a deep recession and high inflation.
