Atlanta, GA 7/11/2009 5:23:33 AM
News / Finance

IMF, Ukraine Reach Agreement to Allow Access to $3.3B of Loan

The International Monetary Fund said Friday its staff had reached a technical agreement with Ukraine to allow the country access to $3.3 billion of its loan.

 

The executive board must approve the deal, in which the fund revised the budget deficit target to 6 percent of gross domestic product from 4 percent. Real GDP is now expected to contract by 14 percent in 2009 against 8 percent at the time of the first review.

 

Ukraine has received $7.3 billion of the $16.4 billion stand-by facility the IMF granted last November.

 

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