IMF approves loan to Ukraine

WASHINGTON: The International Monetary Fund approved Friday the next installment of its massive loan to Ukraine despite uncertainty about the sustainability of the country´s debt and its conflict with separatist forces.
The IMF executive board, which represents 188 member nations, gave a green light to the immediate disbursement of $1.7 billion, part of a support program awarded in March that has caused internal strains in the Washington-based institution.
In total, the IMF has pledged $17.5 billion in financial assistance over four years in exchange for drastic measures by the government to restore public finances, hammered by recession and the loss of part of its territory to pro-Russian separatists.
The new installment, after an initial $5 billion disbursement released in March, comes after the IMF completed its first review of the government´s progress under the loan package, which aims to "put the economy on the path to recovery" and "strengthen public finances", the IMF said in a statement.