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The International Monetary Fund (IMF) is loaning Ukraine’s interim government $17 billion to be paid out in tranches over the next two-year period to help keep the economically shattered country afloat.
The Washington-based international crisis lender’s executive board agreed late on Wednesday to give final approval to the bailout. The loan includes $12 billion in new money while refinancing $5 billion already owed to the IMF.
The new money includes $3.19 billion to be paid immediately, about $2 billion of which is to provide budget support. The rest is to be paid out in smaller amounts every two or three months, following reviews of Ukraine’s performance in implementing fiscal, financial and economic reforms, which were negotiated between Kiev authorities and the IMF.
Contributions from other countries, including several governments, were expected to bring an IMF-led international bailout package to $27 billion for Ukraine, which has undergone months of political upheaval.
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