World

IMF chief pleased with economic progress in Ukraine as decision looms on $1.7 billion loan

  • Ukrainian President Petro Poroshenko, left, talks with Managing Director of the International Monetary Fund Christine Lagarde  during of their meeting in Kiev, Ukraine, Sunday, Sept. 6, 2015. (AP Photo/Sergei Chuzavkov)

    Ukrainian President Petro Poroshenko, left, talks with Managing Director of the International Monetary Fund Christine Lagarde during of their meeting in Kiev, Ukraine, Sunday, Sept. 6, 2015. (AP Photo/Sergei Chuzavkov)  (The Associated Press)

  • Ukrainian President Petro Poroshenko, left, talk with Managing Director of the International Monetary Fund Christine Lagarde  during of their meeting in Kiev, Ukraine, Sunday, Sept. 6, 2015. (AP Photo/Sergei Chuzavkov)

    Ukrainian President Petro Poroshenko, left, talk with Managing Director of the International Monetary Fund Christine Lagarde during of their meeting in Kiev, Ukraine, Sunday, Sept. 6, 2015. (AP Photo/Sergei Chuzavkov)  (The Associated Press)

  • Ukrainian President Petro Poroshenko, left, and Managing Director of the International Monetary Fund Christine Lagarde shake hands during their meeting in Kiev, Ukraine, Sunday, Sept. 6, 2015. (AP Photo/Sergei Chuzavkov)

    Ukrainian President Petro Poroshenko, left, and Managing Director of the International Monetary Fund Christine Lagarde shake hands during their meeting in Kiev, Ukraine, Sunday, Sept. 6, 2015. (AP Photo/Sergei Chuzavkov)  (The Associated Press)

International Monetary Fund chief Christine Lagarde has told Ukraine's president that she was impressed with the progress his government has made toward stabilizing the Ukrainian economy.

Lagarde was in Kiev before a visit by an IMF mission to assess whether Ukraine has met the necessary conditions to receive the third installment of a four-year $17.5 billion loan.

She told President Petro Poroshenko on Sunday she was impressed by how much his government had achieved in just several months.

The IMF projects that Ukraine's economy will contract by 9 percent this year, but this actually suggests signs of stabilization, given that it includes a horrendous 17.6 percent contraction in the first quarter.

Ukraine has received $6.7 billion from the IMF this year. The next installment would be $1.7 billion.