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Ukraine gets first tranche of IMF stand-by loan

November10200820:16

Ukraine Central bank has announced it received the first $4.5 billion tranche of the IMF loan to stabilize Ukraine’s currency and recapitalize its banks, Central bank’s first deputy board chairman Anatolij Shapovalov said.

The struggling banks must be diagnosed before funneling aid money to them, the UNIAN report quotes Shapoval as saying.

“That’s what we are busy with now. So far, only the Prominvestbank seems to be in need for help. But it has changed hands recently and the new owner assured he will deal with the problems himself,” Said Shapoval.

As reported earlier, the IMF passed a decision to offer Ukraine a $16.5 billion stand-by loan to stabilize its banking sector.

The IMF assistance program will take 2 years.

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