IMF announces $17.5 bn assistance for Ukraine

Brussels: International Monetary Fund chief Christine Lagarde announced Thursday that the agency had reached an agreement with Ukraine to provide assistance to the country worth 15.5 billion euros ($17.5 billion) over four years.

"It is an ambitious programme, it is a tough programme and it is not without risk," she told a press conference.

"But it is also a realistic programme and its effective implementation-after consideration and approval by our executive board can represent a turning point for Ukraine," she added.

According to a statement on the IMF website, she said she expected the agreement reached with Kiev would be voted on by the IMF board at the end of February.

Lagarde also noted that IMF assistance "is part of a wider package of financial assistance reaching $40 billion" and will feature bilateral contributions from countries and other multilateral organisations.

"The government is committed to front-loaded measures under the new four-year programme, including further sizable energy tariff increases, bank restructuring, governance reforms of state-owned enterprises, and legal changes to implement the anti-corruption and judicial reform agenda.

"This program will require the authorities' steadfast determination to reform the economy. To help cushion the adjustment, especially for the poorest groups, measures are being taken to strengthen and better target the social safety net," she added.