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Ukraine crisis: Yulia Tymoshenko to run for president Ukraine crisis: Yulia Tymoshenko to run for president
(35 minutes later)
Former Ukrainian prime minister Yulia Tymoshenko has announced plans to run for president in the upcoming May elections.Former Ukrainian prime minister Yulia Tymoshenko has announced plans to run for president in the upcoming May elections.
Ms Tymoshenko, 53, was released from prison in February following the ousting of  President Viktor Yanukovich. She was imprisoned in 2011 for abuse of office linked to a gas deal with Russia. She told reporters she would run as a "candidate for Ukrainian unity" and had earned the right to present herself as the candidate fighting against corruption.
Ms Tymoshenko has already served twice as prime minister and ran for president in 2010. She is seen as a pro-European leader. Ms Tymoshenko, 53, was released from prison in February following the ousting of President Viktor Yanukovich. She was imprisoned in 2011 for abuse of office linked to a gas deal with Russia.
She rose to the forefront of Ukrainian politics during the 'Orange Revolution' that overthrew Mr Yanukovich's first administration in 2004.She rose to the forefront of Ukrainian politics during the 'Orange Revolution' that overthrew Mr Yanukovich's first administration in 2004.
Ms Tymoshenko has already served twice as prime minister and ran for president in 2010. She is seen as a pro-European leader.
The announcement comes just hours after the International Monetary Fund pledged a $14-$18 billion rescue package for Ukraine to help the country's acting government meet its debt obligations against the backdrop of Russian intervention.The announcement comes just hours after the International Monetary Fund pledged a $14-$18 billion rescue package for Ukraine to help the country's acting government meet its debt obligations against the backdrop of Russian intervention.
The IMF deal is set to unlock support of $27 billion from various countries over the next two years, but it will come with strings attached, including serious austerity measures and higher energy prices.The IMF deal is set to unlock support of $27 billion from various countries over the next two years, but it will come with strings attached, including serious austerity measures and higher energy prices.
In a statement, the IMF warned Ukraine is facing "difficult" challenges following the "intense economic and political turbulence of recent months".In a statement, the IMF warned Ukraine is facing "difficult" challenges following the "intense economic and political turbulence of recent months".
In an address to the Ukrainian parliament, interim prime minister Arseniy Yatsenyuk warned Ukraine is teetering "on the brink of the economic and financial bankruptcy" and signalled more pain ahead.In an address to the Ukrainian parliament, interim prime minister Arseniy Yatsenyuk warned Ukraine is teetering "on the brink of the economic and financial bankruptcy" and signalled more pain ahead.
Mr Yatsenyuk said new structural reforms, including raising taxes and a freeze on minimum wage, will hit families hard but the insisted the government had "no choice but the tell the truth".Mr Yatsenyuk said new structural reforms, including raising taxes and a freeze on minimum wage, will hit families hard but the insisted the government had "no choice but the tell the truth".
The country's finance minister Oleksandr Shlapak expects the economy will contract 3 per cent this year.
On Wednesday, Ukraine announced a radical 50 per cent increase in domestic gas prices starting 1 May in an effort to secure the IMF bailout, which made the scrapping of energy subsidies a key condition for the deal to move forward.On Wednesday, Ukraine announced a radical 50 per cent increase in domestic gas prices starting 1 May in an effort to secure the IMF bailout, which made the scrapping of energy subsidies a key condition for the deal to move forward.
The IMF also called for a flexible exchange rate of the national currency, the hryvnia, which the IMF argues has been kept at a artificially high level pegged to the US dollar. The election is expected to take place on 25 May.