Ukraine welcomes $4.5bn stand-by IMF loan

Ukraine has been among the countries hardest hit by global financial turmoil as a plunge in the price of steel, its main export, exacerbates a credit crunch and a fall in stock prices. The IMF has pledged a massive loan.

On the 5 November 2008 the International Monetary Fund approved a €12.8bn ($16.4bn) loan for Ukraine to stabilise the nation's economy, which is being pummeled by falling export values, rising inflation and the effects of the global financial meltdown.

BBC News, 6.11.08: IMF approves $16.4bn Ukraine loan http://news.bbc.co.uk/1/hi/business/7712387.stm

Deutsche Welle, 6.11.08: Struggling Ukrainian Economy Gets Emergency IMF Loan http://www.dw-world.de/dw/article/0,2144,3768965,00.html

IMF: Press Release, No.271, 2008: IMF Approves US$16.4 Billion Stand-By Arrangement for Ukraine http://www.imf.org/external/np/sec/pr/2008/pr08271.htm

ESO: Background information: Ukraine may borrow up to $15bn from IMF http://www.europeansources.info/record/ukraine-may-borrow-up-to-15bn-from-imf/

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