It is typically part of a 'crisis resolution' for countries that are in need of support. What is an IMF loan and how will it help Ukraine?Ī loan from the IMF aims to help member countries tackle payments problems, stabilise their economies, and restore sustainable economic growth. Once terms of a loan are agreed upon, IMF staff will write a recommendation to the executive board to endorse the country’s policy intentions and offer financing. Vahram Stepanyan, the IMF representative to Ukraine, said discussions should be concluded in the "coming days". The seven-day meeting of staff and officials in Warsaw came as a result of the country's request for a fund-supported programme. This would be the IMF's biggest loan to a country involved in an active conflict. $15bn (£12.5bn) multi-year programme with the IMF. Ukrainian officials have said they hope to agree a The International Monetary Fund (IMF) said its staff has held productive talks and made "very good progress" with Ukrainian officials today, concerning a set of policies that could underpin a new lending programme for the war-torn country. Yesterday, the defence ministry in Moscow insisted the warplanes did not come into contact with the drone, claiming it crashed due to "sharp manoeuvring", leading to a loss of altitude. He said that after the start of the conflict in Ukraine, Russia established limits on flights in the Black Sea region - a fact that the US was aware of. Mr Blinken's comments come on the same day that Russian Foreign Minister Sergei Lavrov accused the US of "ignoring" the fact that Russia had established air space restrictions in the area where the drone was being flown. On Tuesday, the drone collided with a Russian jet fighter over international waters somewhere between Crimea and Odesa.ĭue to damage to the drones rear propeller, the Americans were forced to crash it into the water.ĭeclining to speak about the suspected intent behind the incident, Mr Blinken described it as "reckless" and "unsafe". US secretary of state Antony Blinken said the crash of an MQ-9 drone into the Black Sea is being investigated. Ukrainian authorities alleged that the corrupt government of pro-Russian Ukrainian President Viktor Yanukovych, borrowed the money from Moscow before he was ousted in protests in February 2014.Īfter the 2014 Ukraine revolution, the country’s new government refused to repay the debt, saying Moscow wouldn't agree to terms already accepted by other international creditors. The case was first argued in November 2021, and came to British courts because a London-based company had been appointed by Ukraine to represent the interests of bondholders. Ukrainian President Volodymyr Zelenskyy tweeted that the ruling was “another decisive victory against the aggressor" before adding "justice will be ours". Having rejected some of Ukraine's legal arguments, the ruling, said a court could consider whether the deal with Moscow was void because of threats or pressure that are illegitimate under English law. Ukraine said it originally took on the loans after pressure from Russia to stop it from trying to join the European Union, nearly a decade before its invasion. The court rejected an attempt by a British company, acting on Russia's behalf, to collect the loans and avoid trial. Today, the UK Supreme Court ruled that Ukraine can go to trial to try and avoid repaying $3bn (£2.5bn) in loans.
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