IMF bails out Ukraine

The International Monetary Fund has approved $16.4bn (€12.7bn) in emergency funding for Ukraine to stabilise the nation’s economy, which is being pummelled by falling export values, rising inflation and the effects of the global financial meltdown.

The two-year agreement allows the Eastern European country to receive $4.5bn (€3.5bn) immediately in exchange for agreeing to a series of financial reforms.