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. Last Updated: 07/27/2016

Kiev Seeks Loans

KIEV -- Ukraine is seeking a total of $590 million in loans from the World Bank this year, Deputy Finance Minister Serhiy Makatsaria told parliament Tuesday.

He said the country might also borrow $102.7 million from financ ial markets to help cover its budget and service foreign debts, although the procedures to secure such loans would be "very complicated" due to the financial crisis.

The budget for this year foresees foreign borrowings at $825.5 million.

Ukraine's cash-starved government is desperate to attract money from international lenders to help meet $1.7 billion in foreign debt payments due this year. Officials estimate the foreign debt at $11 billion.