KIEV: The International Monetary Fund (IMF) has approved $1 billion loan payment to Ukraine, the Ukrainian President Petro Poroshenko has announced on Monday.
Poroshenko wrote on his Facebook page that “The IMF board took the decision to grant Ukraine one billion dollars.” He added that the loan was a “recognition of Ukrainian reforms.”
Ukraine’s central bank said that the loan tranche from the IMF will strengthen the country’s financial stability.
The loan is part of IMF’s $17.5 billion bailout program in exchange for Kyiv implementing reforms and tackling corruption.
Monday’s announcement brought total funds disbursed under the arrangement so far to about US$8.4 billion.