Off the wire
• Chinese constructor of Standard Gauge Railway contributes to Kenyan communities  • Roundup: Serbian FM talks with Croatian officials to resolve existing issues  • Urgent: U.S. dollar soars against euro on policy divergence  • FTSE 100 close higher on Wednesday  • French stock market index up 2.37 pct on Wednesday  • Urgent: U.S. crude steadies after heavy selloff  • British health worker diagnosed with Ebola in Sierra Leone  • ICAO's new chief pledges to work for better, safer aviation  • LME base metals close lower on Wednesday  • Pentagon chief says anti-IS fight may take longer than 3 yrs  
You are here: 　 Home

IMF approves new loan program for Ukraine

Xinhua, March 12, 2015 Adjust font size:

The International Monetary Fund 's board on Wednesday approved a new aid program involving 17.5 billion U.S. dollars in loan for Ukraine.

"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," the IMF chief Christine Lagarde said in a statement Wednesday.

Under the program, the IMF will allocate 5 billion U.S. dollars of immediate disbursement for general budget support to the country.

The four-year financial aid program replaces an existing one approved by the global lender in April 2014.

The new program is consistent with the more protracted nature of Ukraine's balance-of-payment needs, and will provide more funding, more time, more flexibility and better financing terms for Ukraine, said Lagarde.

The IMF loan is expected to unlock further credits from other donors. The IMF said in February that the combined package of assistance from other bilateral lenders and multilateral institutions is estimated at 40 billion dollars.

Ukraine has also taken actions to consult with existing bondholders on possible debt restructuring in order to improve medium-term sustainability. Endite