The International Monetary Fund (IMF) announced a $14 billion to $18 billion bailout for Ukraine on Thursday morning, as the country’s prime minister warned of the depth of its problems.
The IMF’s Mission Chief Nikolay Gueorguiev announced that the bailout will use a “stand-by arrangement,” a type of bailout similar to that used in Iceland and Greece after the credit crisis of 2007. International funds of up to $27 billion over two years will be available, including $14 billion to 18 billion from the IMF.
Ukraine’s interim Prime Minister, Arseniy Yatsenyuk, warned that Ukraine’s economy would shrink by 3 percent this year in a best case scenario, and that it could fall by 10 percent without IMF help.
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