IMF Approves $2.8 Billion Loan To Crisis-Hit Ukraine.

"The International Monetary Fund (IMF) on Friday approved a long-delayed $2.8 billion loan for crisis-stricken Ukraine, citing signs of growing political stability and more promising economic policies. The impact of the global financial crisis on Ukraine has been compounded by its turbulent political climate, but the IMF said there have been indications of improvement...." [Associated Press (5/8)/Factiva]

AFP adds that "...the approval was given by the IMF's executive board on completion of the first review of Ukraine's economic performance under a two-year stand-by credit arrangement totaling $16.5 billion approved in November 2008. The latest loan raised the total Fund disbursements to Ukraine so far to $7.3 billion, the IMF said in a statement...." [Agence France Presse (5/8)/Factiva]

Reuters reports that "...the IMF board waived a number of previously held conditions, allowing authorities to continue with exchange rate restrictions, multiple currency practices and the imposition of import restrictions. It has allowed for a budget deficit of 4 percent of gross domestic product, against an initial demand for a balanced budget. Differences over the budget deficit first stalled the loan program in February...." [Reuters (5/8)/Factiva]