IMF extends $5 billion credit to Ukraine, but expects stronger fight against corruption

The International Monetary Fund will lend up to $5 billion over the next 18 months to help Ukraine’s economy, which is expected to shrink by 8.2% this year because of the COVID-19 crisis, the fund’s press service stated late on June 9.

Managing director and chair Kristalina Georgieva acknowledged the severity of the crisis, but said Ukraine needs to take several steps to mitigate the economic risks, including a better fight against corruption. “The uncertainty about the severity and length of the global downturn is exceptionally high,” she said.

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