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UPDATE 1-IMF board to consider Ukraine loan on Wednesday

Mon Nov 3, 2008 5:08pm EST

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WASHINGTON, Nov 3 (Reuters) - The International Monetary Fund board will consider Ukraine's request for a $16.5 billion IMF loan program on Wednesday, according to the IMF Web site.

Ukraine's parliament on Friday approved financial legislation needed to secure the loan aimed at stabilizing the country's finances and banking system hit by the global financial crisis.

The IMF-backed loan program includes helping banks recapitalize, working to lower inflation and balancing the budget next year, according to the Ukrainska Pravda Web site, citing a memorandum of the IMF-Ukraine agreement.

Details of the agreement are expected to be published once the IMF board has approved the program.

(Reporting by Lesley Wroughton; Editing by Diane Craft)



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