15:07 GMT04 March 2021
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    The International Monetary Fund approved a $17.5 billion emergency rescue package to prevent a collapse of Ukraine's economy.

    The International Monetary Fund and the Ukrainian government agreed on a $17.5 billion financial bailout package for Kiev, but the move is yet to be approved by the IMF Board.

    “I’m glad that the talks on are now over. We have reached a preliminary agreement on disbursing $17.5 billion for Ukraine. It’s a four-year program,” the Fund’s managing Director Christine Lagarde said in Brussels on Thursday.

    The program, which is a part of a $40-billion package for Ukraine, still has to be approved by the IMF board, IMF managing director Christine Lagarde said. If approved, it would be Ukraine’s fourth IMF bailout in 10 years.

    Lagarde did not specify if Russian aid will be included the $40-billion program funded by several sources.

    Ukrainian authorities are trying to rescue the country’s conflict-hit, deteriorating economy with international loans.

    In spring 2014, the International Monetary Fund (IMF) promised Kiev $17 billion in bailout loans, to be paid over the course of two years. In addition, several Western countries allocated funds to Ukraine to help the country rebuild its economy and enact necessary structural reforms.


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