Ukraine gets $16b IMF loan

The International Monetary Fund will lend Ukraine $16.5 billion and give Hungary "a substantial financing package" as the turmoil in global credit markets and recession concerns sweep across eastern Europe's emerging markets.

The 24-month Ukrainian loan is conditional on parliamentary approval of legislation to support the country's banks, the Washington-based lender said on Sunday in a statement. The Hungarian deal was reached in cooperation with European Union.