IMF Board Approves $15.2 Billion Loan to Ukraine
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The International Monetary Fund approved a 2 ½-year, $15.2 billion loan program for Ukraine, which agreed to trim its budget deficit and raised natural gas prices to qualify for the funds.
The IMF board of directors agreed late yesterday to disburse $1.9 billion immediately, with subsequent payments subject to quarterly reviews. Ukraine can use $1 billion of the first payment to help cover the deficit, Thanos Arvanitis, the Washington-based lender’s Ukraine mission chief, said today on a conference call with reporters.