Ukraine’s request for a new loan package could reportedly be in jeopardy unless it agrees to devalue the hryvnia
The International Monetary Fund is pressuring Ukraine to devalue its currency, the hryvnia, in order to secure a new loan, Bloomberg reported on Friday, citing sources.
Ukraine spends around 60% of its budget on the conflict with Russia, and depends heavily on Western aid to cover everything from military costs to pensions. It secured a $15.5 billion IMF loan in 2023, but the program runs out in 2027. Last month, Kiev requested a new $8 billion package, but the talks have reportedly stalled over the currency issue.
According to…
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