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IMF board approves USD 16.4 bln loan to Ukraine

IMF board approves USD 16.4 bln loan to Ukraine

6 November 2008

The International Monetary Fund’s board decided yesterday to go ahead with a planned two-year USD 16.4 bln standby loan to stabilize Ukraine’s financial system. The IMF said that USD 4.5 bln would be dispersed immediately; Ukrainian leaders have said they expect the first tranche could arrive as early as November 8. The Ukrainian government’s program, according to the IMF, includes adoption of a flexible exchange rate regime, pre-emptive recapitalization of banks and tighter monetary policy. The loan terms also have a target for Ukraine to balance its budget in 2009. Oleksandr Klymchuk: We believe that the first tranche of USD 4.5 bln and the NBU’s reserves of USD 31.9 bln are sufficient resources for the NBU to bolster liquidity in the banking sector, cover external debt obligations and ensure stability on the local FX market this year. We expect the news to positively influence fixed income markets, resulting in a reduction in CDS spreads and sovereign yields.

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