IMF changes rule on debt as Ukraine faces Russia deadline

The International Monetary Fund (IMF) has changed a rule that would block its financial aid program to Ukraine as the country defaulted on its debt owed to Russia.

• The move comes as cash-short Ukraine faces a December 20 deadline to repay Russia for a $3 billion loan.
• Ukraine is restructuring its debts under an IMF-led $40 billion bailout program.
• Defaulting on the Eurobond loan could have put the program at risk.

Keys:
IMF establishment – 1945           
IMF Headquarter – Washington D.C.