Left Menu
Development News Edition

IMF and Ukraine reach tentative $5.5 bn aid deal

PTI | Washington DC | Updated: 08-12-2019 05:56 IST | Created: 08-12-2019 05:43 IST
IMF and Ukraine reach tentative $5.5 bn aid deal
IMF Managing Director Kristalina Georgieva said she was "pleased to note that IMF staff has reached an agreement with the authorities" on the deal, adding it was "subject to IMF management approval." Image Credit: ANI

The International Monetary Fund said Saturday it had reached a "staff-level" agreement with Ukraine on a new $5.5 billion, a three-year aid program for the war-scarred country. IMF Managing Director Kristalina Georgieva said she was "pleased to note that IMF staff has reached an agreement with the authorities" on the deal, adding it was "subject to IMF management approval."

Georgieva said she spoke by telephone on Saturday to President Volodymyr Zelensky and commended him on "impressive progress" on reforms and "sound economic policies." "The President and I agreed that Ukraine's economic success depends crucially on strengthening the rule of law, enhancing the integrity of the judiciary, and reducing the role of vested interests," she said.

She added that it was "paramount to safeguard the gains made in cleaning up the banking system and recover the large costs to the taxpayers from bank resolutions." The IMF and other international donors have repeatedly pressed Kiev to attract much-needed investment by addressing pervasive corruption and reducing the power of oligarchs.

But bankers and analysts said they fear the current authorities are targeting former bankers who have helped clean up the market instead of the oligarch owners of banks that go bankrupt. At his inauguration in May, the 41-year-old president -- a former comedian -- urged people with Ukrainian heritage to return home and help build a "new, strong and successful Ukraine." The country is in the spotlight due to the impeachment proceedings against US President Donald Trump.

Trump is accused of abusing his office by pressuring Ukraine to find dirt on former US vice president Joe Biden, his potential challenger in the 2020 election. The White House maintains Trump was simply encouraging the new government of Ukraine to rein in corruption.

More than 13,000 people have been killed in Ukraine's conflict with Russian-backed separatists in the industrial east which broke out shortly after Moscow annexed Crimea in 2014.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

China: A savior for emerging markets or a poison pill?

... ...

Future of Urban Planning: Artificial Intelligence guiding the way

Advances in emerging technologies like Artificial Intelligence and Machine Learning can help us understand our cities better and derive useful insights from real-time data collected through automated models....

Videos

Latest News

Slovakia plans mass testing to cut virus infections by 50%- minister

Slovakia is planning another large-scale testing and quarantine push to combat a serious rise in coronavirus infections, Health Minister Marek Krajci said on Saturday. The central European country with a population of 5.5 million has seen r...

Tripura begins COVID vaccination drive, 1,399 frontline workers get shots

Mridul Das, a 30-year-old doctor, was the first person to get the COVID-19 vaccine in Tripura on Saturday as the state joined the rest of the country is rolling out the vaccination programme.The vaccination programme in the state began at 1...

U.S. capitals on edge for armed protests as Trump presidency nears end

Washington, D.C., was locked down and U.S. law enforcement officials geared up for pro-Trump marches in all 50 state capitals this weekend, erecting barriers and deploying thousands of National Guard troops to try to prevent the kind of vio...

Soccer-Napoli's Fabian Ruiz tests positive for coronavirus

Napoli midfielder Fabian Ruiz has tested positive for the coronavirus, the Serie A club announced on Saturday. The Spanish midfielder will miss the league match against Fiorentina on Sunday as well as Wednesdays Italian Super Cup final agai...

Give Feedback