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IMF endorses $17 billion stabilization loan to Ukraine

The International Monetary Fund (IMF) recommended to grant Ukraine a $17 billion loan to help the government on account of the projected reduction of GDP this year by 5%, Bloomberg reported.

IMF analysts gave to the executive board of the fund report on the loan program for Ukraine April 22. The authors of the report propose to consider providing assistance to the council meeting on April 30.

According to the results of consultations with the Government of Ukraine, IMF staff concluded that the country needs financing at the higher end of the $14 billion to $18 billion range initially announced.

IMF representative, Conny Lotze declined to comment.

IMF Managing Director Christine Lagarde has previously stated that the Board of Directors of the Fund will consider financial assistance to Ukraine at the end of April - May.

[Source: Itar Tass, Washington, 24Apr14]

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