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Thursday, March 27, 2014

IMF Reaches Deal to Provide up to $18 Billion to Ukraine -- Ukraine Must Complete 'Prior Actions' Before Package Is Approved -- By Jeanne Whalen, The Wall Street Journal

KIEV, Ukraine—The International Monetary Fund said it reached a deal to provide $14 billion to $18 billion to Ukraine as part of an economic reform program that Ukrainian officials said would require "painful" change.

The IMF agreement will unlock aid from other donors, as well, with Ukraine set to receive a total of $27 billion over the next two years, an IMF official told a news conference in Kiev.

Ukraine must complete certain "prior actions" before the IMF's board will approve the aid package, the IMF official said. These prior actions include institutionalizing the flexible exchange-rate regime and adopting reforms in the energy sector, he said.

Ukrainian central bank chief Stepan Kubiv told the briefing that the reforms may be "painful."
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