IMF Reaches Deal with Ukraine on New $4 Billion, 14-Month Loan

The International Monetary Fund announced Friday it had reached agreement with Ukraine on economic policies that would unlock a new loan deal that will provide nearly $4 billion.

The new 14-month stand-by loan deal replaces an existing four-year financial aid package agreed in March 2015 and due to expire in five months, the IMF said in a statement.

The agreement must be approved by the IMF board, which will come later in the year after authorities in Kiev approve a 2019 budget "consistent with IMF staff recommendations and an increase in household gas and heating tariffs."