IMF Approves $17.5 Billion Loan to Ukraine
A week after lawmakers approved a raft of amendments to Ukraine's 2015 budget that the IMF had demanded, the fund signed off on a $17.5 billion loan that will prevent the country from going bankrupt.
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A week after lawmakers approved a raft of amendments to Ukraine’s 2015 budget that the IMF had demanded, the fund signed off on a $17.5 billion loan that will prevent the country from going bankrupt; $5 billion will be released immediately.
The Guardian reports:
In a televised statement, Arseny Yatseniuk, Ukraine’s prime minister, said the IMF move would let the country tap $7.5bn in other loans. Another $15.4bn is expected in debt relief, according to sources familiar with the IMF programme.
“[The money] will be used to stabilise the currency. It will enable the Ukrainian economy to grow from 2016,” Yatseniuk said.
… [IMF chief Christine] Lagarde said last week that an injection of financial support for Ukraine and its success largely hinged on the stability in the eastern of the country and how the security crisis was resolved.
Read more here.
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