Ukraine, IMF agree on $15.6 billion loan package

The IMF and Ukraine have agreed on a new loan package to support the government's financies severely strained by Russia's invasion. The $15.6 deal is expected to leverage even more money by assuring other donors that Ukraine is following strong economic policies. Ukraine’s finance ministry said Wednesday that the program will “help to mobilize financing from Ukraine’s international partners" and “ensure the path to post-war reconstruction.” The government is running a huge budget deficit amid massively higher military spending and is reliant on outside help to fund pensions, salaries and basic services. The loan agreement announced Tuesday also aims to support Ukraine's efforts to revamp its economy as part of its bid to join the European Union.