Thursday 29 September 2016

IMF approves billion-dollar loan for Ukraine

Published 15/09/2016 | 17:06

IMF boss Christine Lagarde said Ukraine must commit to reforms
IMF boss Christine Lagarde said Ukraine must commit to reforms

The International Monetary Fund has approved a one billion US dollar (£756 million) loan disbursement for Ukraine, after a year's delay amid concerns over corruption and the slow pace of reform.

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The money is part of a 17.5 billion US dollar (£13 billion) IMF loan programme that is meant to boost the Ukrainian economy, which is slowly emerging from a recession, and strengthen the local currency.

The economy has suffered from a military conflict with Russia-backed separatists in eastern Ukraine that has claimed more than 9,500 lives.

The disbursement fell short of the 1.7 billion US dollars (£1.3 billion) that was promised earlier. Announcing the decision, IMF managing director Christine Lagarde said that a firm commitment to wide-ranging reforms is necessary.

AP

Press Association

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