Sandrine Rastello
April 24, 2014

International Monetary Fund staff endorsed a $17 billion loan to Ukraine to help the government pay its debts amid a projected economic contraction of 5 percent this year, according to government officials who have seen the recommendations.

The staff’s report was delivered to members of the IMF’s 24-seat board late on April 22, according to the officials, who spoke on condition of anonymity to discuss internal documents. The staff proposed an April 30 board meeting to consider the loan package, they said.

An IMF loan would clear the way for additional aid from the European Union, the U.S. and other donors at a time of escalating tensions between Ukraine and Russia. After weeks of talks with the government in Kiev, IMF staff concluded that Ukraine needs financing from the fund that’s at the higher end of the $14 billion to $18 billion range initially announced.

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