Ukraine expects $5B loan from IMF in 'coming days'

Staff Writer
Columbus CEO

KIEV, Ukraine (AP) — Ukraine's finance minister says the country is expecting to receive $5 billion in credit from the International Monetary Fund in the coming days— the first in a sought-for series of bailout loans the government hopes will keep Ukraine from an economic meltdown.

The office of Finance Minister Natalie Jaresko said Wednesday that it is expected the funds will be issued once the IMF has made a decision on the loan. It has been anticipated that IMF will make its decision Wednesday.

Credit to Ukraine is being extended on condition the government implements deep structural reforms and slashes government spending.

Ukraine's economy, already hamstrung by crippling bureaucracy and corruption, has been further burdened over the past year by a war in the east with Russian-backed separatists.