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IMF announces 16.5-billion-dollar loan for Ukraine

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Doctor Cynic Donating Member (965 posts) Send PM | Profile | Ignore Sun Oct-26-08 05:17 PM
Original message
IMF announces 16.5-billion-dollar loan for Ukraine
Source: AFP

WASHINGTON (AFP) — Ukraine, facing political deadlock and an economic crisis, secured a 16.5-billion-dollar loan from the International Monetary Fund on Sunday aimed at propping up its fragile banking system.

The IMF deal follows a similar 2.1-billion-dollar agreement with Iceland on Friday after the IMF announced it would make available more than 200 billion dollars in loans to countries facing difficulties due to the global financial crisis.

Belarus and Pakistan have also appealed for assistance from the IMF.

"An IMF staff mission and the Ukraine authorities have today reached agreement ... on an economic program supported by an SDR 11 billion (16.5 billion dollars) loan," Strauss-Kahn said in a statement.

Read more: http://afp.google.com/article/ALeqM5il-la16qXopvgoiak9T6TWoWOJZg


Coming soon to a country near you.
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The Doctor. Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Oct-26-08 05:29 PM
Response to Original message
1. They're screwed.
I hope my friend there got out.
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Alexander Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Oct-26-08 05:51 PM
Response to Original message
2. Ukraine, meet Argentina.
Why don't the two of you have a chat about the late 90s?
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RedCloud Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Oct-26-08 05:53 PM
Response to Original message
3. Formula for perpetual indebtedness
Aka an IMF loan.
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soothsayer Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Oct-26-08 05:54 PM
Response to Reply #3
4. yup. better off borrrowing from the Mob.
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bluesmail Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Oct-26-08 06:20 PM
Response to Original message
5. Hey Tony, Tone, I only need it for a few days...
We are ALL screwed. Thanks Dick. Thanks George.
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entanglement Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Oct-26-08 06:28 PM
Response to Original message
6. Going to the IMF for 'assistance' is like getting a pay-day loan from Tony and Sal
The working class of Ukraine is in for a brutal time.
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muriel_volestrangler Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Oct-26-08 07:10 PM
Response to Original message
7. And for Hungary too:
The "substantial financing package" for Hungary is due to be finalised in the next few days, the IMF said.

It is conditional upon Hungary adopting "strong policies" and will be drawn from the IMF, the EU, and some individual European governments "together with regional and other multilateral institutions", IMF Managing Director Dominique Strauss-Kahn said in a statement.

Hungary's currency, the forint, has seen a sharp fall, stocks have tumbled and the country has cut its growth forecast for 2009.

http://news.bbc.co.uk/1/hi/business/7692017.stm
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