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IMF approves $15 billion loan for Ukraine

Posted by the Editor on July 29, 2010


News / 29 July 2010 | 11:02

IMF approves $15 billion loan for Ukraine

IMF approves $15 billion loan for Ukraine

The Executive Board of the International Monetary Fund has approved granting Ukraine a credit facility of $15.15 billion, according to the UKRINFORM.

Ukraine will be able to get about $1.89 billion immediately.

IMF canceled the previous two-year standby program totaling about $16.5 billion, opened in November 2008.

As Ukrinform reported, the Government of Ukraine hoped to start a new program of cooperation with the IMF, supported by a stand-by credit of about $15 billion, $3 billion of was to come by the end of the year.

In preparation of the new program, Ukrainian authorities, in particular, resorted to sequestration of the state budget with reduction of its deficit from 5.3% of GDP to 4.99% of GDP, increasing tariffs on natural gas for households and municipal heaters, and amendment of the National Bank Law.

According to the State Budget of Ukraine, in the current year, direct financing of the budget is to take about $2 billion of borrowings from the IMF.

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