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IMF board approves $17 billion in assistance for Ukraine

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International Monetary Fund (IMF) Managing Director Christine LaGarde makes a statement about sanctions leveled against Russia, during a news conference following an IMF Executive Board meeting at IMF Headquarters in Washington, Wednesday, April 30, 2014. LaGarde announced that the IMF board has approved a two-year, 7 billion loan package for Ukraine. (AP Photo/Cliff Owen)

WASHINGTON – The International Monetary Fund board has approved a two-year, $17 billion loan package for Ukraine.

The IMF announced the assistance Wednesday after a board meeting at the fund’s Washington headquarters.

The IMF assistance pledged in March was hinged on economic reforms in Ukraine. The changes included raising taxes, freezing the minimum wage and raising energy prices — all steps that could hit households hard and strain the interim government’s tenuous hold on power.

Ukraine, a nation of 46 million, is in turmoil after Russia annexed Crimea. Russian President Vladimir Putin has massed 40,000 troops on Russia’s border with Ukraine in what many fear is the first step to an invasion.

Russia’s actions have created a standoff with the United States and many European nations.

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