
The International Monetary Fund approved Wednesday a $17.5 billion (15.5 billion euro) aid plan for crisis-wracked Ukraine, whose economy is reeling from a pro-Russia insurgency in its industrial heartland.
The four-year financial aid program replaces an existing IMF program, less than a year old, that proved inadequate to stabilize Ukraine's finances as the country fights the insurgency in the east.
"This new four-year extended arrangement will support immediate economic stabilization in Ukraine and a set of deep and wide-ranging policy reforms aimed at restoring robust growth over the medium term and improving living standards for the Ukrainian people," said IMF managing director Christine Lagarde in a statement.
Five billion dollars will be disbursed immediately, the global lender said.
The new program is better-suited to the more protracted nature of Ukraine's balance-of-payments needs, providing more time, more flexibility and better financing terms, Lagarde said.
Unveiled by Lagarde in early February, after the IMF reached a preliminary agreement with Ukrainian authorities in exchange for economic reforms, the IMF aid was to be part of about $40 billion in assistance from the international community.
The IMF statement said the new loan is "based on a comprehensive economic reform program supported by the Fund as well as by additional resources from the international community."
GMT 09:54 2018 Tuesday ,23 January
Davos-bound bosses very upbeat on world economyGMT 09:37 2018 Tuesday ,23 January
Former KPMG executives charged in accounting oversight scamGMT 22:49 2018 Sunday ,21 January
Brexit special trade agreement possibleGMT 22:46 2018 Saturday ,20 January
China economy rebounds in 2017 with 6.9% growthGMT 22:37 2018 Saturday ,20 January
GE takes one-off hit of $6.2 bn linked to insurance activitiesGMT 19:58 2018 Saturday ,20 January
Watchmakers hope to make Chinese market tickGMT 19:54 2018 Saturday ,20 January
US shutdown unlikely to harm debt rating: FitchGMT 19:50 2018 Saturday ,20 January
EU's Moscovici slams Ireland, Netherlands as tax 'black holes'

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor