IMF to grant Ukraine $15.6 Billion Loan Package

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Ukraine and the International Monetary Fund have agreed on a $15.6 billion loan package aimed at shoring up government finances severely strained by Russia's invasion and leveraging more support by assuring other donors that Ukraine is pursuing strong economic policies and fighting corruption.

Ukraine's finance ministry said Wednesday that the program will "help to mobilize financing from Ukraine's international partners, as well as to maintain macro-financial stability and ensure the path to post-war reconstruction after Ukrainian victory in the war against the aggressor."

The loan program will run for four years, with the first 12 to 18 months focusing on helping Ukraine close its massive budget deficit and easing the pressure to print money to use for spending, the IMF said in a statement Tuesday. Printing money to fund people's pensions, state salaries and basic services can make things worse by fueling inflation and destabilizing the currency.

The remainder of the program will focus on supporting Ukraine's bid for European Union membership and postwar reconstruction.