Ukraine, IMF agree on $15.6 billion loan package

By DAVID McHUGH
AP Business Writer

FRANKFURT, Germany (AP) — The IMF and Ukraine have agreed on a new loan package aimed at shoring up government finances severely strained by Russia’s invasion. The $15.6 billion deal is expected to leverage even more support by assuring other donors that Ukraine is pursuing strong economic policies and fighting corruption. Ukraine’s finance ministry said Wednesday that the program will “help to mobilize financing from Ukraine’s international partners” and “ensure the path to post-war reconstruction.” The government is running a huge budget deficit amid massively higher military spending and is reliant on outside help to fund pensions, salaries and basic services. The deal also aims to support Ukraine’s bid for European Union membership and post-war reconstruction.