World News

IMF's Lagarde says new Ukraine financing programme on track

WASHINGTON (Reuters) - International Monetary Fund Managing Director Christine Lagarde said actions by Ukraine’s government needed to unlock new IMF funding were expected to be completed by Dec. 10, and IMF board consideration of the new stand-by arrangement would take place “promptly after that.”

Lagarde made the comments in a statement issued after a telephone conversation on Wednesday with Ukrainian President Petro Poroshenko on the proposed $3.9 billion (3.1 billion pounds) new programme. Lagarde called the conversation “constructive.”

“The president informed me about the key parameters of the 2019 budget, which was recently approved by parliament and is currently under review by IMF staff. The preliminary assessment is satisfactory and the process is expected to be completed shortly,” Lagarde said.

Reporting by David Lawder; Editing by James Dalgleish