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.