World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 

IMF Agrees $16 Billion To Assist Ukraine

International Monetary Fund Agrees To Provide $16 Billion To Assist Ukraine

New York, Nov 6 2008 2:10PM
The International Monetary Fund (IMF) has approved a two-year standby arrangement for Ukraine worth more than $16 billion to help the Eastern European country’s authorities restore economic stability in the wake of the global financial crisis.

The IMF Executive Board approved the request yesterday under its Emergency Financing Mechanism, and about $4.5 billion will be immediately given to Ukraine as part of the agreement.

The Ukrainian economy has deteriorated as prices have fallen for steel, the country’s major export. High rates of inflation and low foreign exchange reserves are exacerbating the situation and local banks are also experiencing considerable stress.

In an effort to stabilize the domestic financial system, Ukrainian authorities have devised a plan involving monetary and exchange rate policy shifts, banking recapitalization and fiscal and incomes policy adjustments, the IMF said in a press release.

IMF Deputy Executive Director Murilo Portugal issued a statement describing Ukraine’s plan as “strong and comprehensive” given the gravity of the global financial situation.

“Decisive measures have already been implemented by the authorities, including the passage of anti-crisis legislation,” he said. “Moreover, the authorities’ policy framework is sufficiently robust to adapt to evolving circumstances.

“The commitment of leaders of the main political parties to the core elements of the programme increases the prospects for successful programme implementation. All these elements give confidence that the programme will succeed in stabilizing economic and financial conditions.”

ends

© Scoop Media

 
 
 
World Headlines

 


Ethiopia: Conflict, Drought, Dwindling Food Support, Threatens Lives Of 20 Million

Hunger is tightening its grip on more than 20 million Ethiopians who are facing conflict in the north, drought in the south and dwindling food and nutrition support beginning next month, the UN food relief agency warned on Thursday... More>>


Euro Med Monitor: Syria Cross-border Aid Mechanism Extension Is Necessary For The Survival Of Millions

Permanent members of the UN Security Council should extend the cross-border aid to northwestern Syria, Euro-Med Human Rights Monitor said Tuesday in a statement...
More>>


Commonwealth Secretariat: Island Nations Urge Commonwealth Leaders To Bolster Ocean Climate Action
Small island nations are calling for strengthened global support for ocean and climate change action, just days before Commonwealth leaders convene in Kigali, Rwanda... More>>

World Vision: Deeply Concerned For Thousands Affected By Afghanistan Quake
World Vision is deeply concerned about the deteriorating humanitarian situation in Afghanistan in the wake of a powerful earthquake in the early hours of this morning... More>>



Malaysia: UN Experts Welcome Announcement To Abolish Mandatory Death Penalty

UN human rights experts* today commended an announcement made by the Malaysian government that it will abolish the country’s mandatory death penalty and encouraged Parliament to take concrete steps to pass the agreement into law... More>>


Ukraine: Bachelet Briefs Human Rights Council On Mariupol
Excellencies, Further to Human Rights Council resolution S-34/1 adopted at its 34th Special Session, I present you with an oral update on the grave human rights and humanitarian situation... More>>