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IMF Approves New $1.7Bln Loan to Ukraine

© Sputnik / Anton Denisov / Go to the mediabankIMF approved IMF approved on March 11 a four-year $17.5-bln assistance package to support Ukraine government’s economic program, support Ukraine government’s economic program.
IMF approved IMF approved on March 11 a four-year $17.5-bln assistance package to support Ukraine government’s economic program, support Ukraine government’s economic program. - Sputnik International
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A loan of around $1.7 billion was approved by the IMF to support Ukraine's economy, according to the Fund's statement.

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WASHINGTON (Sputnik) — The Executive Board of the International Monetary Fund approved on Friday the immediate disbursement of a new loan tranche to Ukraine in the amount of about $1.7 billion, the IMF said in a statement.

According to the statement, the completion of the review of Ukraine’s Extended Arrangement under the Extended Fund Facility (EFF) "enables the disbursement of SDR 1182.1 million (about US$1.7 billion), which would bring total disbursements under the arrangement to SDR 4.72 billion (about US$6.68 billion)."

Kiev expects the funds to be transferred by the IMF in early August, Deputy Finance Minister Artem Shevalev said earlier in the day.

According to Ukrainian Deputy Prime Minister Hennadiy Zubko, part of the second IMF tranche will be allocated to help settle Kiev's gas debt.

On March 11, the IMF approved a four-year $17.5-billion assistance package to support Ukraine government’s economic program, which aims to put the ailing economy on the path to recovery, restore external sustainability, strengthen public finances, and support economic growth by advancing structural and government reforms.

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The same month, the country received its first $5-billion loan from the IMF, hoping to secure a total of $10 billion from the body in 2015 as part of its international bailout program.

The overall financial aid package to Kiev amounts to about $40 billion, to be administered over the next four years; comprising loans from the IMF, the United States and the European Union among others.

Ukraine increasingly relies on external financial assistance to reanimate its stagnant economy amid a deep recession and high inflation since it initiated a military campaign against independence supporters in the east of the country.

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