Ukraine is extending by six months the term of a $2 billion loan from Russia’s VTB, a Ukrainian deputy finance minister said on Dec. 8.
Ukraine is extending by six months the term of a $2 billion loan from Russia’s VTB, a Ukrainian deputy finance minister said on Dec. 8.
“We have extended the VTB loan under the same conditions,” Andriy Kravet told Reuters.
Ukraine took the six-month bridge loan from the Russian state bank in June to help the government plug holes in the budget.
The funds were originally supposed to support the country’s finances until it reached an agreement with the International Monetary Fund. The Washington-based lender signed-off on a $15 billion standby facility, but experts said delays in the second tranche have led to the decision to extend the VTB loan.
“I think that as soon as we get the IMF money, we’ll start to pay off the loan,” said Oleg Ustenko, executive director of the Bleyzer Foundation.
