Arseniy Yatsenyuk: Gold and foreign currency reserves of the National Bank make up USD 12 billion

The financial situation in Ukraine is quite stable. Due to the measures taken by the Government of Ukraine in synergy with international partners, "there is a sufficient financial cushion and ample resource to preserve stability," stressed Prime Minister of Ukraine Arseniy Yatsenyuk during the extended meeting of the Government with participation of RSAs heads on Wednesday, August 26.

The Head of Government noted that the situation in the global markets such as China, Kazakhstan and Russia raises concern: "Ukraine must be ready to respond to the major challenges that currently exist in the international financial system".

"From the start of year we were preparing for a difficult situation, so the Government was carrying out a hard and systematic activity to accumulate financial resource to respond appropriately to the challenges that may arise in front of Ukraine", emphasized Arseniy Yatsenyuk.

The Head of Government informed there had been accumulated UAH 30 billion at the Treasury Single Account: "in addition, the Government amassed UAH 35 billion at the currency account. Presently, gold and foreign currency reserves of the National Bank amount 12 billion U.S. dollars."

Arseniy Yatsenyuk stressed that the day before the World Bank had adopted a decision to grant to Ukraine USD 500 million to pursue economic reforms: "We expect these funds to be transferred before September 9 this year".

Moreover, according to the Prime Minister, the decision of the World Bank, "opens an opportunity for us to get additional financial resource Ukraine will have chance to obtain from Japan and other international contributors": "The total amount of funds from Japan makes up another USD 300 million".

Apart from that, the World Bank considers to extend support for Ukraine: "In general, it is plus 500 million US dollars to be transferred to the account of the Ukrainian Government, thus creating a real economic stability cushion".

"That is, the financial situation we have in Ukraine is quite stable. All the measures taken by the Government of Ukraine in synergy with our international creditors and international partners indicate there is a sufficient financial cushion and ample resource to preserve stability", accentuated Arseniy Yatsenyuk.

The Prime Minister appealed to Minister of Finance of Ukraine Natalia Jaresko together with the Head of the National Bank of Ukraine, with the view to recent developments in the world to summon a meeting of the Financial Stability Council, which had been endorsed early this year, "and at the level of the Cabinet of Ministers and the National Bank to analyze global problems that can affect our economy and to offer clear scenarios for the Ukrainian economy".