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Updated from Sunday, Oct. 26

The International Monetary Fund announced Sunday that it planned to lend Ukraine $16.5 billion to help the country cope with the fallout from a collapse in steel prices and the global financial crisis.

The 24-month standby facility still needs to be approved by the IMF's board. That is contingent on Ukraine making legislative changes to its bank resolution program, the IMF said in a statement.

Meanwhile, Hungary has reached agreement with the IMF and European Union on a broad economic rescue package to stabilize its economy. Details of Hungary's agreement will soon be announced, the IMF said.

The IMF is finding itself a busy lender as the financial crisis threatens the solvency of sovereign nations. On Friday, the IMF announced it planned to lend $2.1 billion to Iceland, which has seen its banks and currency collapse.

This article was written by a staff member of