Ukraine receives $17 billion loan from IMF to revive economy

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Christine Lagarde

Christine Lagarde

Ukraine's economic reform programme has received $17 billion in loans from the International Monetary Fund (IMF).

The reform programme will focus on five key areas which include exchange rate flexibility, banking stability, fiscal policy, energy policy and governance.

The government of Ukraine is also launching a new social protection programme to cushion the impact of the reforms on low-income families.

The IMF Managing Director Christine Lagarde said that urgent action was necessary.

"We believe that Ukraine has an opportunity to seize the moment, to break away from previous practices, both from a fiscal, from a monetary and from a governance point of view. This program does have risks of two kinds: first of all, implementation, second, geopolitical. On the implementation front, we are taking all the precautions we can in order to mitigate those risks. On the geopolitical front, clearly the bilateral international support and the cooperation of all parties will be extremely helpful to reinforce the position of the economy of Ukraine."  

Ms Lagarde said the programme is also expected to unlock additional and sizable international official assistance, and help restore confidence among private investors.

IMF said the money would be released in installments  over the course of the next two years.

Jocelyne Sambira, United Nations.

Duration:  1’40″

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