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| IMF says it will provide Ukraine with up to $18B in assistance over next 2 years | IMF says it will provide Ukraine with up to $18B in assistance over next 2 years |
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| KIEV, UKRAINE — Former Ukrainian prime minister Yulia Tymoshenko said Thursday she would run in planned May 25 presidential elections, as the country tries to transition to a new government and cement a deepening alliance with Europe. | KIEV, UKRAINE — Former Ukrainian prime minister Yulia Tymoshenko said Thursday she would run in planned May 25 presidential elections, as the country tries to transition to a new government and cement a deepening alliance with Europe. |
| Tymoshenko lost a prior bid for president in 2010 to Viktor Yanukovich, whose eventual ouster in the face of mass demonstrations sparked Russia’s recent takeover of Crimea. | Tymoshenko lost a prior bid for president in 2010 to Viktor Yanukovich, whose eventual ouster in the face of mass demonstrations sparked Russia’s recent takeover of Crimea. |
| She was jailed for much of Yanukovich’s time in office, and released after his government fell. | She was jailed for much of Yanukovich’s time in office, and released after his government fell. |
| Despite her reputation as a powerful prime minister, she is considered a longshot candidate in a vote that will be watched closely both for its conduct and its potential to bring a solidly pro-Western government to power. | Despite her reputation as a powerful prime minister, she is considered a longshot candidate in a vote that will be watched closely both for its conduct and its potential to bring a solidly pro-Western government to power. |
| Independent member of parliament Petro Poroshenko led in one recent national poll, with former boxer and opposition politician Vitali Klitschko, who has demanded tougher Western economic sanctions on Russia, polling second. | |
| Ukraine’s growing need for European and U.S. support was evident Thursday when the International Monetary Fund announced it will provide Ukraine up to $18 billion in assistance over the next two years, part of a far-reaching effort to keep the country from plunging into default, steadying the nation as it attempts to build democratic institutions. | Ukraine’s growing need for European and U.S. support was evident Thursday when the International Monetary Fund announced it will provide Ukraine up to $18 billion in assistance over the next two years, part of a far-reaching effort to keep the country from plunging into default, steadying the nation as it attempts to build democratic institutions. |
| Ukraine is in dire economic straits after years of inefficient management and plundering by corrupt officials, with economic output expected to fall by as much as 10 percent this year unless reforms are enacted, interim prime minister Arseniy Yatsenyuk said on Thursday. The country is also under intense pressure from Russia, which turned against Kiev after mass protests deposed President Viktor Yanukovych and the new government began developing a closer relationship with Europe. | Ukraine is in dire economic straits after years of inefficient management and plundering by corrupt officials, with economic output expected to fall by as much as 10 percent this year unless reforms are enacted, interim prime minister Arseniy Yatsenyuk said on Thursday. The country is also under intense pressure from Russia, which turned against Kiev after mass protests deposed President Viktor Yanukovych and the new government began developing a closer relationship with Europe. |
| Russian President Vladimir Putin was eager to enlist Ukraine as a member of an economic unit he is creating along with some former members of the Soviet Union. When Ukraine drew away, Putin annexed the Crimean peninsula. Ukrainians fear further incursions and difficult financial relations with Russia. | Russian President Vladimir Putin was eager to enlist Ukraine as a member of an economic unit he is creating along with some former members of the Soviet Union. When Ukraine drew away, Putin annexed the Crimean peninsula. Ukrainians fear further incursions and difficult financial relations with Russia. |
| “Following the intense economic and political turbulence of recent months, Ukraine has achieved some stability, but faces difficult challenges,” Nikolay Gueorguiev, IMF mission chief for Ukraine, said in a statement Thursday. “The economic outlook remains difficult, with the economy falling back into recession.” | “Following the intense economic and political turbulence of recent months, Ukraine has achieved some stability, but faces difficult challenges,” Nikolay Gueorguiev, IMF mission chief for Ukraine, said in a statement Thursday. “The economic outlook remains difficult, with the economy falling back into recession.” |
| The country currently is unable to borrow money on private markets, raising the risk of default when foreign debt payments fall due over the coming year. | The country currently is unable to borrow money on private markets, raising the risk of default when foreign debt payments fall due over the coming year. |
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| Ukraine also is counting on help from the United States and the European Union. Support from the wider international community would provide Ukraine with about $27 billion, including the IMF assistance. | Ukraine also is counting on help from the United States and the European Union. Support from the wider international community would provide Ukraine with about $27 billion, including the IMF assistance. |
| The aid will require a wide range of reforms in monetary policy, governance and spending that are likely to inflict painful cuts in social programs, a test for the new government whose members have only been in office since Feb. 27 and are arranging presidential elections for May 25. | The aid will require a wide range of reforms in monetary policy, governance and spending that are likely to inflict painful cuts in social programs, a test for the new government whose members have only been in office since Feb. 27 and are arranging presidential elections for May 25. |
| Gueorguiev said the IMF board is expected to approve the loan for Ukraine next month, assuming the government follows through with “a strong and comprehensive package of prior actions aiming to stabilize the economy and create conditions for sustained growth.” | Gueorguiev said the IMF board is expected to approve the loan for Ukraine next month, assuming the government follows through with “a strong and comprehensive package of prior actions aiming to stabilize the economy and create conditions for sustained growth.” |
| The White House welcomed the IMF announcement. In a statement released Thursday, it said, “The IMF program will be a central component of a package of assistance to support Ukraine as it implements reforms and conducts free and fair elections that will allow all the Ukrainian people to determine the future of their country.” | The White House welcomed the IMF announcement. In a statement released Thursday, it said, “The IMF program will be a central component of a package of assistance to support Ukraine as it implements reforms and conducts free and fair elections that will allow all the Ukrainian people to determine the future of their country.” |
| Putin agreed to provide Ukraine with $15 billion in assistance, and the price Ukraine paid for natural gas from Russia was cut by 35 percent. | Putin agreed to provide Ukraine with $15 billion in assistance, and the price Ukraine paid for natural gas from Russia was cut by 35 percent. |
| But that deal collapsed whenYanukovych was ousted – after Russia had provided only about $3 billion. The Russian energy giant Gazprom has said that even at the lower prices Ukraine has fallen behind in its payments by $1.5 billion. Yatsenyuk said Thursday that he expects the price Russia charges for natural gas to jump significantly on Tuesday -- to a price above what it was charging before last fall’s discount. | But that deal collapsed whenYanukovych was ousted – after Russia had provided only about $3 billion. The Russian energy giant Gazprom has said that even at the lower prices Ukraine has fallen behind in its payments by $1.5 billion. Yatsenyuk said Thursday that he expects the price Russia charges for natural gas to jump significantly on Tuesday -- to a price above what it was charging before last fall’s discount. |
| Slovakia earlier this week announced that it would be working with Ukraine on a plan to reverse the flow in some pipelines and ship gas eastward to Ukraine. One potential source for that project could be liquefied natural gas from the Middle East. | Slovakia earlier this week announced that it would be working with Ukraine on a plan to reverse the flow in some pipelines and ship gas eastward to Ukraine. One potential source for that project could be liquefied natural gas from the Middle East. |