Ukraine Receives First $3.2 Billion From IMF – 7 May 2014

RT logoUkraine, a nation on the brink of civil war and bankruptcy, has received its first loan from the International Monetary Fund (IMF), the National Bank of Ukraine reported.

The two-year program will shell out over $17bn in aid to Ukraine’s troubled economy, and was approved by the IMF’s 24-member board at the end of April.

National Bank Chairman Stepan Kubiv said that a portion of the first loan will be used to boost gold and currency reserves and help stabilize the fast-falling hryvnia. Foreign currency reserves have been wiped out as the Bank spends money to prop up the weak currency, and have reached a critically low level of under $12 billion.

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