IMF approves $17 billion aid for Ukraine

Tags: IMF, Ukraine, News
The International Monetary Fund has approved a $17 billion aid deal for Ukraine, even as Kiev fights to prevent pro-Moscow separatists from hiving off another chunk of the country.

The IMF executive board's green light yesterday opens the way for an immediate deployment of $3.2 billion to Kiev, which faces deep fiscal problems, compounding its political crisis.

Part of a $27 billion bailout including the World Bank, European Union and others, the IMF said the rescue plan "aims to restore macroeconomic stability, strengthen economic governance and transparency, and launch sound and sustainable economic growth, while protecting the most vulnerable."

The Fund has warned though that the Ukraine economy faces a 5.0% contraction this year, even with the two-year loan program.

Some of the initial disbursements could be turned around to pay off an outstanding $2.2 billion bill for natural gas from Russia, which has threatened to cut off fuel supplies to its former Soviet republic.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Banks must learn from past mistakes to promote financial inclusion

    Prime minister Narendra Modi launched a massive financial inclusion programme yesterday titled “pradhan mantri jan dhan yojana’ (PMJDY), that will

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Could prohibition mean profiteering?

In the mid 1930s, an American journalist asked Bapu if ...

Zehra Naqvi

The five universal languages of love

Love is a universal language. Don’t we all believe that? ...

Dharmendra Khandal

Time to protect our endangered wildlife species

After 65 million years of existence, the earth’s biodiversity is ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture