The International Monetary Fund said on Friday its executive board approved a four-year $15.6 billion loan program for Ukraine, part of a global $115 billion package to support the country's economy as it battles Russia's 13-month-old invasion.
International Monetary Fund logo is seen outside the headquarters building during the IMF/World Bank spring meeting in Washington, US, April 20, 2018. The IMF said a four-year $15.6 billion loan program for Ukraine has been approved. REUTERS/Yuri Gripas/File Photo
The Extended Fund Facility loan is the first major conventional financing program approved by the IMF for a country involved in a large-scale war. Ukraine must meet certain conditions over the next two years, including steps to boost tax revenue, maintain exchange rate stability, preserve central bank independence and strengthen anti-corruption efforts.
IMF First Deputy Managing Director Gita Gopinath said the program faced "exceptionally high" risks, and its success depended on the size, composition and timing of external financing to help close fiscal and external financing gaps and restore Ukraine's debt sustainability. US Treasury Secretary Janet Yellen, who pushed hard for the past year to secure the IMF funding package and paid a surprise visit to Ukraine in February, said the package would help secure the country's economic and financial stability and set the foundation for long-term reconstruction.
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