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Ukraine Receives $5 Billion IMF Tranche


Ukraine says it has received the first $5 billion tranche of an International Monetary Fund bailout loan for its strained economy.

The Finance Ministry said in a statement on March 13 that $2.2 billion will be put in government accounts and the rest go to the central bank to help stabilize the falling national currency, the hryvnya.

The $5 billion tranche is the first part of a four-year, $17.5 billion IMF package.

The Ukrainian economy has been hit hard by the war in eastern Ukraine, which has shut down industries and severely disrupted trade with Russia.

The IMF loan is designed to unlock other credits for Ukraine from other lenders, eventually allowing Kyiv to receive a total financial package worth some $40 billion.

Ukrainian Finance Minister Natalie Jaresko said talks would start on March 13 with Kyiv’s creditors on restructuring Ukraine's debt.

Based on reporting by AFP and Reuters