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IMF To Impose Closer Monitoring On Ukraine

The International Monetary Fund (IMF) has announced that Ukraine must take part in postprogram monitoring because of the large debt the country owes to the organization.

The IMF said the enhanced monitoring was triggered after Ukraine’s debt to the fund reached some $8 billion at the end of June.

The IMF froze a $15 billion standby credit program with Ukraine in 2011 after Kyiv refused to raise domestic gas prices.

At that time, Ukraine had already received two disbursements from the IMF program, totaling $3.4 billion.

The IMF usually reviews the economies of each of its 188 members once a year, but countries that receive aid packages may be subject to more frequent discussions with the IMF to ensure they can repay their debts.

Based on reporting by Reuters and ITAR-TASS