The International Monetary Fund groups 188 countries; its aim is to secure financial stability.
One of the organization's stated objectives is making financial resources available to member countries to meet balance of payments needs. The IMF therefor plays an important role in solving the crises of countries threatened by bancruptcy. Its headquarters are in Washington, D.C., United States.
Ukraine's currency is teetering on the brink of collapse. In a sign of how bad things are - the Central Bank imposed a ban on all national banks from trading currency until at least the end of the week. Only to then U-turn and reverse the trading restrictions later on Wednesday.
Greece reached a deal with its eurozone lenders on Friday after a nailbiting week of negotiations. Over the weekend, finance ministry officials scrambled to put together a list of fiscal and structural reforms. They have to be approved by creditors before Greece's loan can officially be extended.
Greece is close to finalizing its list of major reforms to satisfy it eurozone creditors. The list must be presented and approved by end Monday if Athens is to continue receiving international funding. It's expected the new reforms will focus on tax evaders and corruption, rather than on pushing forward with austerity measures.
A French public prosecutor has called for the acquittal of Dominique Strauss-Kahn. The former IMF chief had been charged with procuring prostitutes for a number of parties, but claimed he had no idea the women were paid.
The International Monetary Fund has announced a massive bailout totalling $40 billion for Ukraine. Kyiv will get the money over a period of four years in exchange for carrying out broad economic reforms. The funds are urgently needed to stave off a financial collapse. The IMF will provide $17.5 billion.