IMF pledges $18.6bn to Ukraine, Iceland

The International Monetary Fund (IMF) has agreed multi-billion dollar loans with Reykjavik and Kiev, and said it is close to agreeing terms for Hungarian assistance.

Dominique Strauss-Kahn, the managing director of the IMF, said that local officials and Fund representatives had "reached broad agreement on a set of policies that will bolster the Hungarian economy's near-term stability and improve its long-term growth potential."

A "substantial" package would, he said, be announced in the coming