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    Ukraine Gets $1.3 Bln in Third IMF Bailout Installment

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    Ukraine has received the second installment of about $1.39 billion under the International Monetary Fund (IMF) bailout program, the country’s Finance Ministry said Thursday.

    KIEV, September 4 (RIA Novosti) – Ukraine has received the second installment of about $1.39 billion under the International Monetary Fund (IMF) bailout program, the country’s Finance Ministry said Thursday.

    “A portion of the installment of about $1 billion will be used to support the state budget,” the statement reads.

    On Wednesday, Ukrainian Prime Minister Arseniy Yatsenyuk said Ukraine was expecting to receive $10.7 billion in foreign aid by the end of the year and would use $9.2 billion of it to pay for the country’s debts.

    On August 29, the IMF approved the disbursement of about $1.39 billion to Ukraine. The organization approved its two-year $17 billion stand-by arrangement on April 30.

    To receive the IMF funds in full, Ukraine agreed to a severe austerity program that includes shedding 24,000 government jobs, raising taxes, selling off state assets and withdrawing subsidies on natural gas.

    Ukraine’s economy is suffering as a result of the crisis in the country, with government forces fighting against independence supporters in the southeastern regions.

    Kiev also has a significant gas debt which it owes to Russian gas giant Gazprom and which is estimated to stand at over $5.3 billion.

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    International Monetary Fund, bailout, economy, Ukrainian Finance Ministry
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