The International Monetary Fund (IMF) was expected to deliver an evaluation to Ukraine on Wednesday on its bailout request as the US continues to muster support for penalising Russian encroachment on Ukrainian territory.Ukraine is seeking a loan of $15bn to $20bn to battle dwindling reserves and the threat of its third recession since 2008, Finance Minister Oleksandr Shlapak said on Tuesday. Prime Minister Arseniy Yatsenyuk has pledged to take any steps needed to obtain the lifeline.
The cabinet, in power since pro-Kremlin President Viktor Yanukovych was ousted last month, wants to stabilise Ukraine after four months of political crisis, while facing the threat of further Russian military incursion. Unpopular measures like those in the IMF-endorsed austerity campaigns that triggered protests and toppled governments from Greece to Spain during the euro area debt crisis risk destabilising the country further, said Olena Bilan, an economist at Dragon Capital.(However, since Ukraine needs the bail-out package). Mr. Bilan stated that “The government is willing to implement reforms and meet the IMF’s requirements.”