WASHINGTON (Sputnik) — Ukrainian authorities agreed on policies that they will have to implement in order to be provided a $1.7 billion loan, The International Monetary Fund (IMF) said in a press release on Thursday.
“A staff-level agreement has been reached on a set of policies needed to complete the first review under the Extended Fund Facility Arrangement,” the press release said.
The IMF management and the Executive Board still have to approve the agreement, according to the release.
However, the Ukrainian government has to implement new policies for the IMF to disburse the funds. The staff level agreement specifies the policies that would be implemented
A Ukrainian financial stabilization fund foresees the country receiving a total of $40 billion in financial aid.
Besides the IMF loan, the aid includes $7.2 billion from official lenders as well as $15.3 billion through debt-restructuring that has yet to be fully negotiated.
Ukraine's total debt is estimated at $50 billion. The IMF has previously stated it will keep lending money to Kiev even if it halts debt payments.
