IMF approves $17B Ukraine bailout package

May 01, 2014, 12:21 AM EDT
International Monetary Fund Managing Director Christine Lagarde announces a two-year 'Stand-By Arrangement' for Ukraine at IMF headquarters on April 30, 2014 in Washington D.C. The IMF intends for the $17 billion fund to restore stability and launch economic growth in the country.
Allison Shelley/Getty Images

The International Monetary Fund (IMF) has approved a $17.1B (£10.1B) bailout for Ukraine to help the country's beleaguered economy. The loan comes amid heightened military and political tension between Ukraine and neighbouring Russia. The loan is dependent on strict economic reforms, including raising taxes and energy prices. The money will be released over two years, with the first installment of $3.2bn available immediately. The head of the IMF, Christine Lagarde, said the IMF would check regularly to ensure the Ukrainian government followed through on its commitments.
IMF approves $17bn Ukraine bailout package [BBC]
Ukraine gets IMF approval for $17B loan amid unrest [Bloomberg]