IMF board to consider Ukraine loan on Wednesday

11:01, 04 November 2008
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Details of the agreement have not been disclosed as yet

The International Monetary Fund board will consider Ukraine`s request for a $16.5 billion IMF loan program on Wednesday, according to the IMF Web site.

Ukraine`s parliament on Friday approved financial legislation needed to secure the loan aimed at stabilizing the country`s finances and banking system hit by the global financial crisis.

The IMF-backed loan program includes helping banks recapitalize, working to lower inflation and balancing the budget next year, according to the Ukrainska Pravda Web site, citing a memorandum of the IMF-Ukraine agreement.

Details of the agreement are expected to be published once the IMF board has approved the program.

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