IMF approves billion dollar loan for Ukraine

IMF approves billion dollar loan for Ukraine

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The International Monetary Fund has approved a one billion US dollar (€890m) loan disbursement for Ukraine, after a year’s delay amid concerns over corruption and the slow pace of reform.

The money is part of a 17.5 billion US dollar (€15.5bn) IMF loan programme that is meant to boost the Ukrainian economy, which is slowly emerging from a recession, and strengthen the local currency.

The economy has suffered from a military conflict with Russia-backed separatists in eastern Ukraine that has claimed more than 9,500 lives.

The disbursement fell short of the 1.7 billion US dollars (€1.5bn) that was promised earlier.

Announcing the decision, IMF managing director Christine Lagarde said that a firm commitment to wide-ranging reforms is necessary.

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