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TEHRAN, December 19 - The International Monetary Fund executive board on Tuesday gave final approval to a new loan package for Ukraine and released $1.4 billion for immediate use.
TEHRAN, Young Journalists Club (YJC) - The IMF had agreed on the $4 billion, 14-month loan in mid-October but the board was waiting for the government to follow through with a series of economic policies before approving the aid to the war-torn nation, including raising gas and heating rates.
Another key step was approval of the 2019 budget late last month with a deficit of about 2.3 percent of GDP.
"The Ukrainian authorities have successfully restored macro-economic stability and growth, with support from the international community," IMF number two David Lipton said in a statement.
"The authorities have taken important steps" to mitigate risks to the program, he said, but stressed that the "full and timely implementation of the program will be critical for its success in light of the difficult challenges."
Ukraine Prime Minister Volodymyr Groysman sought the additional financing from the Washington-based lender to help his crisis-hit nation.
But the gas price hike was a sensitive issue for the cash-strapped country as its pro-Western leadership faces presidential and parliamentary elections in 2019.
The new 14-month stand-by loan deal replaced the previous four-year financial aid package agreed in March 2015. The remainder of the funds will be released in stages after semi-annual reviews of the government's performance.
Source: AFP
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