Zelensky thanked the EU for allocating a new aid package to Ukraine

Zelensky thanked the EU for allocating a new aid package to Ukraine

Zelensky thanked the EU for allocating a new aid package to Ukraine

Volodymyr Zelensky (archive photo)   Zelensky thanked the EU for allocating a new assistance package to Ukraine

The President of Ukraine also said that the country needs a full-fledged IMF financing program

Ukrainian President Volodymyr Zelensky on Wednesday thanked the European Union for a new package of macro-financial assistance for 5 billion euros ( $4.97 billion), adding that the country needs a “full-fledged” financing program from the International Monetary Fund (IMF).

Zelensky's comments on Twitter came after his conversation with German Chancellor Olaf Scholz, during which discussed plans to further strengthen Ukraine's defense capabilities.

Zelensky did not specify what he meant by a “full-fledged” program.

Last month, Ukrainian Economy Minister Yulia Sviridenko told Reuters that the government will start negotiations with the IMF in September. She declined to say how much Ukraine would ask for in the new program, but said it should be “relatively large” and should be agreed quickly to help free up funds from other creditors and reassure investors.

Oleg Ustenko , Zelenskiy's senior economic adviser, said a $5 billion IMF loan for 18 months could pave the way for a larger $15 billion to $20 billion package from other lenders.

An IMF spokesman said the global lender “continues to work closely with the Ukrainian authorities and is currently exploring all possible options to provide further support to Ukraine in these difficult circumstances.”