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IMF promises Ukraine bailout of $14b to $18b

Updated: 2014-03-28 06:57
By Agencies in Kiev, Ukraine ( China Daily)

The International Monetary Fund has agreed a $14 billion to $18 billion two-year bailout for Ukraine, a deal to help it recover from months of turmoil that will also unlock further credits making a total of $27 billion.

The agreement, announced on Thursday, is intended to help the heavily indebted nation stabilize its economy after anti-government protests that resulted in the overthrow of president Viktor Yanukovych and a standoff with Moscow in which the Crimea region declared independence and joined Russia.

But the program of reforms that accompanies the support and which the IMF says is necessary to get the economy back on track and avoid a debt default may be painful for the population and the new government at a time of crisis and uncertainty.

IMF promises Ukraine bailout of $14b to $18b

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