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Ukraine given $16.5bn IMF loan
Sunday 26th October 2008, 7:13PM GMT.
The International Monetary Fund has announced a $16.5 billion (£10.4 billion) loan for Ukraine as it labours in the global financial crisis.
A statement from the IMF said it was “moving expeditiously” to help Kiev maintain confidence and provide economic and financial stability.
The strength of the programme justifies the high level of access, equivalent to 800 per cent of Ukraine’s quota in the fund,” said IMF managing director Dominique Strauss-Kahn.
The IMF, which has already agreed to a $2.1 billion loan to Iceland and has held talks with Hungary, Pakistan and Belarus, said Ukraine had been especially hit hard by the collapse of steel prices.
“The authorities’ programme is intended to support Ukraine’s return to economic and financial stability, by addressing financial sector liquidity and solvency problems, by smoothing the adjustment to large external shocks and by reducing inflation,” Mr Strauss-Kahn added.
“At the same time, it will guard against a deep output decline by insulating household and corporations to the extent possible.”
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