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World Bank To Provide Ukraine With $2 Billion

The World Bank announced on February 12 that it will provide Ukraine with up to $2 billion in support in 2015, with assistance focused on aiding the poor, supporting reforms and fighting corruption.

The World Bank said the financing would be part of a package from the international community.

"It is vital that Ukraine undertakes comprehensive reforms quickly," World Bank President Jim Yong Kim said in a statement.

Earlier on February 12, International Monetary Fund Managing Director Christine Lagarde announced a preliminary deal on a new, four-year bailout for Ukraine worth $17.5 billion.

Lagarde said that, in total, Ukraine would receive $40 billion in assistance over four years, including loans from other sources like the World Bank.

Ukraine's currency, the hryvnia, lost 50 percent of its value last year and the economy shrank about 7.5 percent.

Based on reporting by Reuters and AFP