International Monetary Fund staff endorsed a $17 billion loan to Ukraine to help the government pay its debts amid a projected economic contraction of 5 percent this year, according to government officials who have seen the recommendations.
The International Monetary Fund’s executive board will receive within days a staff report detailing Ukraine’s proposed loan program, in an effort to approve emergency financing by early May, a board official said.
The International Monetary Fund has yet to set a “firm” date for the start of its mission to Ukraine, spokeswoman Conny Lotze said in an e-mailed reply to questions. “Technical” discussion are ongoing, she added. Deputy Prime Minister Serhiy Tigipko said last month that a mission would arrive in the country this week.
Greece’s budget was unraveling, Germany and the European Central Bank were at odds over the fix, revelations of secret meetings and cover-ups were sapping confidence in Europe’s crisis management -- and then came the encounter between Dominique Strauss-Kahn and the maid.
Treasuries rose while the cost to insure Irish government bonds jumped to a record amid concern that Europe’s debt crisis is worsening and American consumer confidence is slumping. U.S. stocks fluctuated; the euro fell.
Christine Lagarde , who has taken her campaign to head the International Monetary Fund to India and China while keeping her fans posted on Twitter, may be poised to defeat her main rival, Agustin Carstens .