EU Presses Ukraine to Seal IMF Pact

The European Union is pressing Ukraine to implement the budget cuts necessary for the release of a USD16.4 million International Monetary Fund loan to the country, Bloomberg reports. EU Commission President Jose Barroso said the approval and payment of the IMF loan would also free up to 500 million (USD680 million) in EU assistance. Barroso added that renewing good relations with IMF would help Ukraine improve its investment climate.

About the author

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.