Search This Blog

Sunday, April 6, 2014

Ukraine’s Economy Would Have Collapsed Without Russian Aid – IMF Chief

    

MOSCOW,  - Ukraine's ailing economy would have collapsed without Russia's financial help, the head of the International Monetary Fund said Wednesday.


IMF Managing Director Christine Lagarde said that the Eastern European country's economy had hit a wall last year and was heading for disaster when Russian bailout money averted a catastrophe.

"Without the support that they were getting from this lifeline that Russia had extended a few months ago, they were heading nowhere," Lagarde said in an interview broadcast on the US PBS channel.
Russia made a crucial decision to invest a hefty $15 billion in Ukrainian eurobonds late last year, disbursing the first tranche of $3 billion in December. Moscow and Kiev also agreed to steeply cut gas prices for Ukraine in an effort to boost the country's ailing economy.

But the cash injections and discounts were frozen following a coup amid violent protests in February that led to far-right parties gaining key positions in the new government.
The IMF chief confessed that Ukraine had been cut off from international financial markets. She stressed that IMF money comes at a price, meaning Ukraine was expected to do what it had to do to reform its economy, including making some hard choices.
"It's an economy that needed reforms, that needed profound transformation of its fiscal policy, of its monetary policy, and of its policies on energy," Lagarde said.

The Washington-based fund said last week it had signed a binding accord with Ukraine, under which Kiev was to receive $14 to $18 billion in standby credit in exchange for painful economic reforms. Ukraine expects to get a total of $27 billion in the next two years.

Google+


Category

1915 Armenian Genocide 21st-century Christian martyrs‎ africa al assad Al Qaeda albania anti-Morsi protests Apostles Arab Christian Arab-Orthodox Archimandrite Tikhon Shevkunov army Asia Australia bank BBC Belarusian Orthodox Church Bethlehem bible Bible movies bible translations bulgaria Bulgarian Orthodox Church Byzantine byzantine music C.I.A. Cairo China Christian Armenians christianity christians christmas Christmas Traditions Christmas tree church Conspiracy Constantinople coptic church copts cyprus daily news Documentary Easter economy Ecumenical Patriarch Ecumenical Patriarch Bartholomew I Ecumenical Patriarchate of Constantinople egypt egypt pope elder Elder Ephraim of Vatopaidi elder joseph of vatopaidi elder Paisios Elder Porphyrios english subtitles Epiphany europe food Fr Seraphim Rose france FREE books FREE Greetings Cards fyrmacedonia Georgian Orthodox Church germany greece greek greek food greek music Greek Orthodox Church Greek Orthodox Easter greek orthodoxy health and medicine Holy Fathers Holy Scripture Holy Tradition icon Internet Interview iran islam islamist israel Italy jerusalem Jesus Christ jews jihad killed libya mafia Middle East Miraculous Icon monastery money mother of god mount athos Mount Sinai Movie Trailers music muslim muslims news orthodox church Orthodox Church in America pakistan Palestine patristic tradition photo photos picture politics pope Prophecy protests quotes recipes religion romania romanian orthodox church Russia Russian Orthodox Church saint Saints science Shroud of Turin Son of God spy St Nicholas of Myra syria The Mount Athos Food Evolution theotokos travel turkey tv UK Ukraine Ukrainian Orthodox Church usa Vatican vatopaidi video war Watch FREE full movie world
Related Posts Plugin for WordPress, Blogger...