Alexa
  • Directory of Taiwan

IMF loan agreed for Ukraine

IMF loan agreed for Ukraine

The International Monetary Fund said Sunday 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 said the 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 is moving expeditiously to help Ukraine, and this program is focused on the essential upfront measures needed to maintain confidence and economic and financial stability," Strauss-Kahn said in a statement.
He said Ukraine has put together a plan to help the country meet its balance of payments needs created by the collapse of steel prices and global financial turmoil's impact on its financial system.
The IMF agreed to a similar, $2.1 billion loan to Iceland after that country's banking system collapsed.
The world financial crisis has put heavy pressure on European currencies in recent days, with the British pound and the euro sagging on worries over Europe's exposure to emerging markets _ particularly its crisis-stricken eastern neighbors.


Updated : 2021-06-25 22:04 GMT+08:00