Ukraine to Receive $16.5 Billion from IMF

Ukraine will receive a $16.5 billion loan from the International Monetary Fund to help stabilize the country’s financial system following the global credit crisis that has devastated many of the world’s banks.

According to IMF’s managing director Dominique Strauss-Kahn, “The authorities' program is intended to support Ukraine's return to economic and financial stability, by addressing financial sector liquidity and solvency problems, by smoothing the adjustment to large external shocks and by reducing inflation.”

The Ukrainian capital of Kiev had expanded tremendously during a period in which credit was easy to come by but as that money began to shore up and banks refused to lend money the expansion quickly wilted and investors disappeared.

Following the credit crunch Ukraine’s economy quickly took a hit and their currency began to tumble as industries vital to their stability collapsed.

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