Ukraine passes banking bill needed for $5 bln IMF aid deal

Ukraine's parliament passed a banking reform bill on Wednesday, paving the way for a $5 billion International Monetary Fund aid package that Kyiv says is needed to stave off default as the coronavirus pandemic pulls the country into recession.

Addressing lawmakers before the vote, Prime Minister Denys Shmygal said he expected the first loan tranche to be disbursed by the end of May. The deal is also expected to unlock more aid from the World Bank and other overseas institutions.