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Europe

Frenkel cycle redux: IMF willing to lend $17.5bn to Ukranian government, which could become $40bn if EU and US also step in

Fonte/Source, The Independent, The International Monetary Fund has granted Ukraine a new $17.5 billion bailout deal to help support economic reforms.

With the help from other lenders, including Europe and the US, the deal could climb to around $40 billion over the next four years.

Ukraine has so far received $4.6 billion as part of a $17 billion aid package from the IMF agreed on last year, but the programme ran into trouble as the war ravaging the country’s eastern region weighed on its economic prospects.

Facing bankruptcy, Ukraine last month asked the IMF to replace its programme with a new one to restore confidence in its finances.

IMF managing director Christine Lagarde said the funding “offers an important opportunity for Ukraine to move its economy forward at a critical moment in the country’s history”.

She added that the reform plan “is an ambitious programme, it is a tough programme, and it is not without risk. But it is also a realistic programme and its effective implementation – after consideration and approval by our executive board – can represent a turning point for Ukraine”.

The announcement came just before leaders of Russia, Ukraine, France and Germany emerged from marathon talks to announce a peace deal for eastern Ukraine.

Fonte/Source, http://www.independent.co.uk/news/business/news/imf-announces-175bn-bailout-deal-for-ukraine-10041251.html

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