Ukraine in talks with IMF for $15-20B loan package

Ukraine, its economy seriously weakened by months of political turmoil and mismanagement, is negotiating with the International Monetary Fund for a loan package of $15-20 billion, its finance minister said on Tuesday.

Finance minister expects Ukraine's economy to shrink by 3 per cent this year

Ukrainians line up to use an ATM after their bank imposed a limit of 1,500 hryvna ($165 Cdn) on daily withdrawals. Ukraine's finance minister says the economy will shrink by 3 per cent in 2014 due to the ongoing crisis. (Vadim Ghirda/Associated Press)

Ukraine, its economy seriously weakened by months of political turmoil and mismanagement, is negotiating with the International Monetary Fund for a loan package of $15-20 billion, its finance minister said on Tuesday.

The minister, Oleksander Shlapak, speaking to reporters before a government meeting, said the ministry foresaw continued slowdown and stagnation in the economy with it contracting by 3 per cent in 2014.

Referring to talks now going on with the IMF, he said: "We are successfully heading towards concluding a programme. I think we shall receive (what we seek). This sum is from 15 to 20 billion dollars."