This report reviews key macroeconomic data and microeconomic developments for Ukraine published during February 2015. The International Monetary Fund (IMF) has tentatively agreed a $17.5bn extended fund facility with Ukraine, part of an overall $40bn funding package for the country over the next four years, the fund's managing director, Christine Lagarde, said on February 12. Industrial production in Ukraine in January fell by 21.3% y/y, accelerating from the previous month when it dropped by 17.9% y/y. As of March 4, the National Bank of Ukraine (NBU) hiked its key refinancing rate from 19.5% to 30%. This is the second steep rate increase this year, after the bank initially raised it from 14% to 19.5% on February 6. Ukraine's floundering hryvnia strengthened to UAH21.7 to the dollar on March 4 after opening at UAH24.4. The strengthening follows a tightening of monetary policy by National Bank of Ukraine (NBU) and gives a crucial upturn in the hryvnia's roller-coaster ride of the past year.