The International Monetary Fund has agreed a $14-18 billion two-year bailout for Ukraine, a deal to help it recover from months of turmoil that will also unlock further credits making a total of $27 billion, Reuters reported. The agreement, announced on Thursday, is intended to help Ukraine stabilize its economy.
But the programme of reforms that accompanies the support and which the IMF says is necessary to get economy back on track and avoid a debt default may be painful for the population and the new government at a time of crisis and uncertainty.
“The mission has reached a staff-level agreement with the authorities of Ukraine on an economic reform programme,” the IMF said in a statement.
“The financial support from the broader international community that the programme will unlock amounts to $27 billion over the next two years. Of this, assistance from the IMF will range between $14-18 billion, with the precise amount to be determined once all bilateral and multilateral support is accounted for.”