IMF agrees to supply Ukraine with second tranche of loan

21:36, December 23, 2010      

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The executive board of the International Monetary Fund (IMF) have approved second disbursement of about 1.5 billion U.S. dollars loan for Ukraine under stand-by arrangement, the IMF said in a statement on Thursday.

"Ukraine's satisfactory performance under the economic program along with strong policy commitments for the coming year are supporting a steady recovery in confidence and broadening of economic activity," IMF's Deputy managing director John Lipsky said in a statement.

According to the IMF, the Ukrainian authorities remain committed to implementation of fiscal, energy, and financial sector reforms that are essential to achieve program objectives.

"Fiscal adjustment remains at the core of the program," the official noted.

An IMF mission was working in Ukraine in November to conduct the first review of Ukraine's economic performance.

The IMF resumed cooperation with Ukraine in July, providing the country with a credit program of 15.15 billion dollars. Ukraine received the first tranche of 1.89 billion dollars in August.

Ukraine is among the countries hard hit by the global financial crisis, with its economy contracting 15 percent last year, the biggest contraction since the industrial collapse following the collapse of the Soviet Union in 1991.

Source: Xinhua
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