Saturday, August 30, 2014

Ukraine May Get Additional Loan of $1.3 billion After IMF Assessment

European Union will make a decision on providing an additional loan of up to $1.3 billion to Ukraine only after the International Monetary Fund (IMF) conducts another assessment of the state of its economy, a source close to EU leadership told RIA Novosti on Sunday.

“If the IMF considers that there are additional financing needs, we will then consider a possibility of an additional microfinancial program which could go up to one billion [euro],” said the source, adding that it is not clear yet, when this assessment will take place.

On August 29, the IMF has approved the second installment of financial aid to Ukraine, totaling $1.39 billion. It has also agreed to merge the third and fourth tranches of its financial assistance to Ukraine, so that Kiev receives it by the end of 2014

Kiev received the first IMF loan tranche of $3.16 billion in early May after the IMF approved a $17 billion loan to Ukraine in the form of a two-year stabilization program.

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