(Bloomberg) -- Ukraine met a key demand of international lenders to finalize a deal on a new aid package, pledging to do its utmost to recoup billions of dollars in losses related to the nationalization of Privatbank, the country's largest lender.
In an order published Saturday, President Volodymyr Zelenskiy said he, as well as the Cabinet, central bank and Deposit Guarantee Fund, “will make every effort” to recover funds spent on compensation for the depositors of Privatbank, as well as failed banks.
Ukraine is negotiating a new three-year loan program with the International Monetary Fund of about $5 billion, which will help the post-Soviet nation to stabilize its finances and secure sustainable economic growth. The mission of the Washington-based lender is expected to return to Kyiv for the final round of discussions later this month, after parliament passes the budget for next year and other reform moves.
Ukraine hopes to receive the first tranche of aid from the IMF this year.
To contact the reporter on this story: Volodymyr Verbyany in Kyiv at vverbyany1@bloomberg.net
To contact the editors responsible for this story: Balazs Penz at bpenz@bloomberg.net, Gregory L. White, Jacqueline Mackenzie
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