The International Monetary Fund (IMF) on Wednesday signed off on a 17. 5-billion-dollar loan for cash-strapped Ukraine after President Petro Poroshenko said his country needs more than 40 billion dollars to keep its economy afloat. The money was approved by the IMF executive board and is meant to support the country's immediate economic stabilization and reforms aimed at restoring growth and improving living standards, IMFDirector Christine Lagarde said in a statement issued in Berlin, where she is to hold talks with German Chancellor Angela Merkel. War-torn Ukraine urgently needs outside financial assistance to prevent a default. Poroshenko said Wednesday that "the overall package of financial aid "for Ukraine must exceed 40 billion dollars. Speaking after a meeting with Swedish Prime Minister Stefan Lofven in Kiev, Poroshenkopromised that his government will continue reforms that foreign donors demand in return for their financial help. Lofven's office said it is offering a 100-million-dollar loan to Ukraine. The IMF loan is spread over four years, but the Ukrainian Finance Ministry said it hopes to get 10 billion to 11 billion dollars from it already this year.
