Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), made the following statement today in Davos, Switzerland:

“President Poroshenko informed me today that the Ukrainian authorities have requested a multi-year arrangement with the Fund, supported by the Extended Fund Facility, to replace the existing Stand-By Arrangement. The new arrangement would support immediate macroeconomic stabilization measures as well as broad and deep economic reforms over several years to ensure economic and financial stability and restore sustainable growth.

“We will consult with the IMF Executive Board on the authorities’ request. Following the Executive Board’s agreement to proceed, the Fund mission currently in Kyiv would begin discussing the policy program underpinning the authorities’ request. Discussions are ongoing on official financing support from Ukraine’s international partners.”