OREANDA-NEWS. On January 23, 2007 the Cabinet of Ministers of Ukraine on its regular sittings has approved issuing Letter of Support of up to USD1,2 billion for the year 2008 to Joint Stock Company The State Export-Import Bank of Ukraine (the JSC Ukreximbank) to uphold capital market borrowings, reported the press-centre of Ukreximbank.

Signing of the Letter of Support by the shareholder is a part of the standard annual procedure, which the JSC Ukreximbank conducts in the beginning of each year. Similar Letters has been regularly issued in all the previous years, including year 2007, when Ukreximbank made no public bond issues in the international markets. The Letter to the JSC Ukreximbank from its shareholder is a sign of strong support and control by the Government of the bank’s sound performance and strategic developments as well as of compliance with its international obligations.

According to Mykola Udovychenko, Deputy Chairman of the Board – Member of the Board of the JSC Ukreximbank, "Year 2007 was very successful; we have finalized it with record financial result in the history of the bank. Presently, Ukreximbank has sound performance and solid liquidity.

"Given the current global markets volatility and global credit squeeze, Ukreximbank is not planning to tap capital markets in the next months.

"However, when and if global markets conditions stabilize and improve, the bank, closely following market developments, does not rule out the possibility to tap the market, may it be in 2008 or in 2009".