IMF may allocate $14.9 billion for Ukraine
International Monetary Fund (IMF) experts have agreed to allocate Ukraine a $14.9 billion loan under a new cooperation program, a press release issued on the IMF website on Saturday said, RIA Novosti reported.
Earlier on Saturday, the IMF and Ukraine's authorities have coordinated a 2.5 year cooperation program, the press service of the Ukrainian Cabinet of Ministers announced.
"The mission has reached a staff-level agreement with the authorities of Ukraine on an economic policy program that can be supported by a 2.5 year Stand-By Arrangement in the amount equivalent to...$14.9 billion," the IMF press release said.
The IMF press release said that agreement is subject to approval by IMF management and Executive Board.
"Consideration by the Executive Board is expected in late July, following approval of legislative changes relating to the budget and financial sector," Thanos Arvanitis, IMF Mission Chief for Ukraine said.
Ukraine's current stand-by program, which began in 2008, amounts to $16.4 billion, with $11 billion already provided in three tranches. The fourth tranche of $3.8 billion was due in late 2009 but has not yet been disbursed because of the recent political instability.