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Verkhovna Rada adopts laws required for IMF loan

Verkhovna Rada adopts laws required for IMF loan

3 November 2008

The Verkhovna Rada, late Friday, passed the legislation necessary for Ukraine to draw an up to USD 16.5 bln loan from the International Monetary Fund. The law received 243 votes out of the 450 total, backed by the Yulia Tymoshenko Bloc, Our Ukraine and the Lytvyn Bloc. The key mandate of the legislation calls for creating an emergency stabilization fund, with proceeds from privatizations and bond sales, to provide loans for banking and non-banking institutions. In addition, the bills provide specific conditions for bank recapitalization and supervision.

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