The International Monetary Fund (IMF) is ready to secure a $16.5 billion loan to Ukraine in order - as stated by IMF Managing Director Dominique Strauss-Kahn - to help the country meet the balance of payments needs created by the collapse of steel prices, and the global financial turmoil and related difficulties in Ukraine's financial system.
The loan, to be secured for a period of 24 months, is still subject to approval by the IMF's management and executive board, and would follow the implementation of policy changes in Ukraine's legislation.
However, the Ukrainian government, trying to pass the anti-crisis legislation, is still disputing over how the IMF loan is to be used. Some of the authorities say that it is aimed at strengthening the financial sector, while others consider that the steel-consuming industries should benefit from this money, especially the construction, automobile and infrastructure supporting industries.