IMF announces bailout for Ukraine totalling as much as $23b
Published on Mar 27, 2014 4:49 PM
KIEV (AFP) - The International Monetary Fund said on Thursday it had agreed on a US$14 billion-US$18 billion (S$18 billion-S$23 billion) bailout for Ukraine, a deal that will unlock further credits to reach a total of US$27 billion over the next two years.
The agreement is intended to help Ukraine meet debt payments looming this year after months of anti-government protests which resulted in the overthrow of President Viktor Yanukovich and a standoff with Moscow in which Russia annexed the Crimea region.
"The mission has reached a staff-level agreement with the authorities of Ukraine on an economic reform programme that can be supported by a two-year Stand-By Arrangement (SBA) with the IMF," the IMF said in a statement.
"The financial support from the broader international community that the programme will unlock amounts to US$27 billion over the next two years. Of this, assistance from the IMF will range between US$14-US18 billion, with the precise amount to be determined once all bilateral and multilateral support is accounted for."
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here