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Russia to provide part of first IMF loan tranche to Ukraine

Xinhua, March 14, 2015 Adjust font size:

Russia will provide 13.75 million U.S. dollars as part of the first loan tranche from the International Monetary Fund (IMF) to Ukraine, Finance Minister Anton Siluanov said Friday.

"The Russian Federation, in accordance with its requirements as a participant in NAB (IMF's New Arrangements to Borrow), will finance the first tranche of the IMF program to the tune of 13.75 million U.S. dollars," Siluanov said.

He went on explaining that the program's financing is implemented through both the IMF's quota resources and the financing involvement of shareholder countries through their participation in NAB.

The Central Bank of Russia will make the payment later in the day, RIA Novosti news agency quoted the minister as saying.

The press service of Ukraine's Finance Ministry confirmed earlier that the first tranche of 5 billion dollars will be transferred to Kiev by the end of the day.

On Wednesday, the IMF executive board approved a four-year extended fund facility for Ukraine to help the troubled country with its reforms and economy. Endite