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IMF announces fresh $5.5B package for Ukraine

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IMF announces fresh $5.5B package for Ukraine

The International Monetary Fund agreed to provide a three-year loan of about $5.5 billion to Ukraine to help maintain economic stability.

The new package is subject to approval from IMF management and the Executive Board, as well as the implementation of a set of actions, IMF Managing Director Kristalina Georgieva said.

The announcement followed a telephone conversation between Georgieva and Ukrainian President Volodymyr Zelenskyi on Dec. 7, when the leaders agreed Ukraine needed to strengthen the rule of law and the integrity of the judiciary, as well as reduce "the role of vested interests in the economy," Georgieva said in a statement.

National Bank of Ukraine Deputy Governor Dmitry Sologub said in July 2019 that the country could get a loan of $2 billion in 2019 and two more loans of a similar amount in the next two years as part of a new IMF assistance program.

The fund approved a 14-month standby arrangement for Ukraine worth $3.9 billion in December 2018.