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First tranche of IMF loan to Ukraine to amount to $5 billion

March 12, 2015, 10:29 UTC+3 KIEV
According to the Ukrainian Finance Ministry, the IMF Executive Board has approved a 4-year program of extended financing worth $17.5 billion, which was coordinated with the Ukrainian government
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© ITAR-TASS/Valeriy Matytsin

KIEV, March 12. /TASS/. The first tranche of an International Monetary Fund (IMF) loan to Ukraine will amount to $5 billion, Ukraine’s finance ministry said on its website on Wednesday.

"An extended cooperation program makes it possible for Ukraine to immediately receive the first tranche of $5 billion," the ministry said.

According to the ministry, the IMF Executive Board has approved a four-year program of extended financing worth $17.5 billion, which was coordinated with the Ukrainian government.

"Out of the overall sum of $17.5 billion, Ukraine will receive 10 billion during the first year. It will help promptly stabilize the macroeconomic situation and resume economic growth beginning from 2016," the ministry said.

The IMF loan, according to the Ukrainian finance ministry, will help increase reserves of Ukraine’s National Bank, to strengthen measures taken by the government to stabilize the country’s balance of payments and prevent capital outflow.

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