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Iran Press TV

IMF reaches $17.5 billion deal with Ukraine: Lagarde

Iran Press TV

Thu Feb 12, 2015 11:1AM

The International Monetary Fund (IMF) says it has reached a four-year preliminary deal to provide Ukraine with an additional rescue package worth $17.5 billion.

IMF chief Christine Lagarde made the announcement on Thursday.

"I am pleased to announce that the IMF team working in Kiev has concluded a staff-level agreement with the Ukrainian government on a new economic reform program that would be supported by an extended fund facility of about $17.5 billion (15.5 billion euros) from the IMF," Lagarde said.

The IMF chief added that the deal had not been approved by the governing council and that it was expected to be passed "by the end of February."

She also said the total bailout package to Ukraine stands at $40 billion.

The decision comes as Kiev reached a February 15 ceasefire agreement after with pro-Moscow forces operating in the country's volatile east after holding marathon peace talks in the Belarusian capital, Minsk, with leaders of Russia, Germany and France.

The two mainly Russian-speaking regions of Donetsk and Luhansk in eastern Ukraine have been the scene of deadly clashes between pro-Russia forces and the Ukrainian army since Kiev launched military operations to silence protests there in mid-April 2014.

Violence intensified a month later after the two flashpoint regions held local referendums in which their residents voted overwhelmingly in favor of independence from Ukraine and joining the Russian Federation.

About 5,500 people have lost their lives in the violence and nearly 13,000 others have been wounded.


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