THERE was relief in Ukraine’s corridors of power on March 11th when the International Monetary Fund (IMF) approved its long-awaited bail-out for Ukraine. The fund’s promised loan amounts to $17.5 billion over four years. Other donors have pledged several billion more. The first tranche has already brought in a badly needed $5 billion, nearly doubling the country’s reserves, which had dropped to just $5.6 billion.
Ukraine hopes to pick up another $15 billion of savings from private creditors in debt restructuring talks due to begin next week. But even that may not be anywhere near the amount that is needed by …read more
Source: The Economist
