IMF says agreed $14-18 billion stand-by loan agreement for Ukraine

Photo: IMF says agreed $14-18 billion stand-by loan agreement for Ukraine / Other News

The International Monetary Fund said on Thursday it had agreed a $14-18 billion stand-by agreement with Ukraine, a deal that will unlock further credits to reach a total of $27 billion over the next two years, Reuters reported.

"The mission has reached a staff-level agreement with the authorities of Ukraine on an economic reform program that can be supported by a two-year Stand-By Arrangement (SBA) with the IMF," the IMF said in a statement.

A change of power took place in Ukraine on Feb.22.

The Verkhovna Rada (parliament) of Ukraine ousted President Viktor Yanukovych from the power, changed the constitution and scheduled presidential elections for May 25.

Yanukovych said he was forced to leave Ukraine under the threat of violence, and he remains the legally elected head of state.

A number of provinces in eastern and southern Ukraine, as well as the Crimea did not recognize the legitimacy of the Rada and decided on possibility of holding a referendum on the future fate of the regions.

The vast majority of residents of Crimea - 96 percent - voted to secede from Ukraine and join Russia, in a referendum held March 16.

Most countries refused to recognize the referendum's results.

On March 18 Russia and Crimea signed an agreement on Crimea as well as Sevastopol city joining the Russian Federation.

Follow us on Twitter @TRENDNewsAgency