Ukraine Wins USD15B IMF Loan

Kiev, Ukraine's capital, seen here at night. The country is the recipient of a USD15.15 billion loan from the International Monetary Fund. Photo by: Tony Wan Kenobi / CC BY-SA Tony Wan KenobiCC BY-SA

The International Monetary Fund has approved a standby agreement worth USD15.15 billion to support economic reforms planned by the Ukrainian government. The agreement allows the country to immediately withdraw up to USD1.89 billion from IMF.

The loan will finance Ukraine’s economic program, which primarily focuses on improving the sustainability of the country’s fiscal sector. The program includes plans for reforms of Ukraine’s pension, tax and public administration systems.

“Sustained implementation of these reforms will help Ukraine entrench macroeconomic stability, boost confidence, facilitate access to capital markets, and emerge with more balanced and robust growth,” according to John Lipsky, first deputy managing director and acting chair of the executive board at IMF.

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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.