Alexa

IMF loan agreed for Ukraine

IMF loan agreed for Ukraine

The International Monetary Fund says it has reached an agreement with Ukraine on a $16.5 billion loan to help the country out of its financial predicament.
IMF managing director Dominique Strauss-Kahn says the Sunday agreement between an IMF staff mission to Ukraine and the government there still has to be approved by the IMF board.
Ukraine is struggling to keep its financial system afloat amid the global economic crisis. It is hurting from a fall in the price of steel, its main export, and by a steep drop in the value of its currency, the hryvna.
The IMF agreed to a similar, $21 billion loan to Iceland after that country's banking system collapsed.