27 Oct 2008

$US16.5b IMF loan for Ukraine

6:18 am on 27 October 2008

The International Monetary Fund is to offer a $US16.5 billion loan to Ukraine to ease the effects of the financial crisis.

An agreement in principle was announced on Sunday.

In a statement, IMF Managing Director Dominique Strauss-Kahn said the funding will be on a 24-month stand-by arrangement.

Last week the IMF said it would give Iceland a Stg2.1 billion loan as its banking system came close to collapse.

The BBC reports Hungary, Pakistan and Belarus are also in talks about accessing IMF funding as they struggle in the downturn.