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Saturday, August 19, 2017

IMF loans Ukraine $17.5 billion to bolster economy

The International Monetary Fund granted a $17.5 billion Extended Fund Facility to Ukraine on Thursday at the conclusion of a month-long monitoring mission.

This financial aid is aimed at stabilizing macroeconomic conditions through reform measures and bolstered by broader international support, the IMF said.

“The policies under the new arrangement, developed by the Ukrainian authorities jointly with fund staff, are designed to address the many challenges confronting the Ukrainian economy," IMF Mission Chief for Ukraine Nikolay Gueorguiev said. "Economic activity contracted by around 7 percent to 7.5 percent in GDP in 2014, weighed down by the conflict in Eastern Ukraine, which has taken a significant toll on the industrial base and exports, undermined confidence and ignited pressures on the financial system. The economic reform program focuses on immediate macroeconomic stabilization, as well as broad and deep structural reforms to provide the basis for strong and sustainable economic growth over the medium term."

This agreement still needs to be cleared by the IMF management and executive boards to be official.

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