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Thursday, 1 May 2014

IMF approves $17 billion Loan for Ukraine

Comment: Which the Ukrainian government will piss into an abyss. And so the economic war continues: US-Europe: 2 Russia: 1.

$17 billion.

A total obscenity. 


The International Monetary Fund approved Wednesday a $17 billion aid deal for Ukraine, even as Kiev fights to prevent pro-Moscow separatists from hiving off another chunk of the country.

The IMF executive board's green light opens the way for an immediate deployment of $3.2 billion to Kiev, which faces deep fiscal problems, compounding its political crisis.

"Urgent action was necessary," said IMF Managing Director Christine Lagarde.

"Decisive measures were taken by Ukraine and decisive measures have just been taken by the IMF."

But Lagarde conceded that the rescue of Ukraine, which totals $27 billion when counting the additional aid from the World Bank, the European Union and others, is faced with deep risks, especially geopolitical.

"We're trying to mitigate the risks as much as we can," she said.

The IMF said the two-year program "aims to restore macroeconomic stability, strengthen economic governance and transparency, and launch sound and sustainable economic growth, while protecting the most vulnerable."

The Fund has moved quickly to aid the country, under immense economic and political pressure since the February ouster of the pro-Russia government of president Viktor Yanukovych.

The Fund warned that the Ukraine economy faces a 5.0 percent contraction this year, even with the external support.

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