IMF approves $700 million loan tranche for Ukraine, Zelenskiy says
KYIV, Nov 23 (Reuters) - The International Monetary Fund approved disbursing a long-awaited $700 million tranche to Ukraine under its $5 billion loan deal, Ukrainian President Volodymyr Zelenskiy said on Monday.
"Grateful to @IMFNews Board of Governors for the decision to complete the review of the stand-by program on the allocation of a tranche of about $ 700 million," he wrote in a tweet. "We'll use these funds to support the financial system & combat #COVID19 consequences. The IMF program will be continued."
The IMF approved an 18-month deal last year to help Ukraine cope with the sharp slowdown caused by the pandemic. The country received the first tranche of $2.1 billion but further loans were effectively frozen over concerns about reforms.
(Reporting by Matthias Williams and Natalia Zinets Editing by Chris Reese)
