Moscow Times: Ukraine Must Make Compromises and Radically Reform for IMF Funding to Continue

International Monetary Fund Logo Over Ukraine Flag

(Moscow Times – themoscowtimes.com – March 14, 2015) With the first billions of dollars foreign aid in its pocket, Ukraine’s government can now stay afloat long enough to embark on its radical reform drive, but the hard part is only just beginning. Ukraine received the first $5 billion on Friday of $17.5 billion in aid promised by the International Monetary […]

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NEWSWATCH: Ukraine Finance Minister Seeks More Bailout Financing; Natalie Jaresko says security, political risks could push up debt-restructuring needs

Maidan Square in Kiev, Ukraine

[“Ukraine Finance Minister Seeks More Bailout Financing; Natalie Jaresko says security, political risks could push up debt-restructuring needs” – Wall Street Journal – Ian Talley – March 16, 2015] The Wall Street Journal covers Ukraine’s efforts to gain more financing to spur growth and development. Ukraine needs more bailout financing than currently promised to help jump-start the embattled nation’s economy, Finance Minister […]

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IMF cash to do little to change grim reality for ordinary Ukrainians

International Monetary Fund Logo Over Ukraine Flag

(Business New Europe – bne.eu – Kateryna Killyashenko in Kyiv and Nick Allen in Berlin – March 13, 2015) After the International Monetary Fund’s (IMF) approval on March 11 of its $17.5bn loan package to Ukraine, with $5bn due to flow immediately to bolster Kyiv’s dwindling coffers, the population could be forgiven for thinking the material hardships of recent months […]

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NEWSLINK Wall Street Journal: Bringing Ukraine Back From the Brink; An economically successful Ukraine is vital to the security of Europe and the sustainability of democratic values everywhere

Europe Map

A little more than a year ago, the Ukrainian people chose a path of fundamental change. Citizens took a stand in Kyiv’s Maidan Square for the right to live in a free, independent and prosperous European country and to put an end to endemic corruption and mismanagement. More than 100 people gave their lives during the Revolution of Dignity. Since […]

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IMF Loan Package For Ukraine Promises Pain, Questionable Gain

International Monetary Fund Logo Over Ukraine Flag

(RFE/RL – rferl.org – Mark Baker – March 13, 2015) From higher home heating costs to lower pensions, Ukrainians are about to feel the pinch from austerity measures attached to a newly approved International Monetary Fund (IMF) loan package. The long-awaited $17.5 billion credit announced this week holds out hope of an eventual economic recovery for the country. But that […]

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Ukraine is Russia – or at least the Russia that Western critics imagine

Diverse Paper Currency, Coins, Line Graph

(Business New Europe – bne.eu – Mark Adomanis in Philadelphia) Writing and thinking about Russia can often have a rather surreal quality to it. Something about the place seems to short-circuit peoples’ critical thinking skills. Serious pundits write things (“Russia life expectancy is collapsing!”) that are flatly contradicted by recent academic research and that don’t withstand even the most cursory […]

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Ukraine expects IMF to agree up to $11 billion cash disbursal

Maidan Square in Kiev, Ukraine

(Business New Europe – bne.eu – bne IntelliNews – March 11, 2015) The International Monetary Fund is ready to disburse to Ukraine the first tranche of an agreed extended funding facility (EFF), confirming on its website that the sole subject of discussion at an IMF board meeting on March 11 will be the loan. At the same time, Ukrainian President […]

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Ukraine’s Economy Is Worse Than It Looks

Map of Ukraine, Including Crimea, and Neighbors, Including Russia

(Bloomberg – bloomberg.com – Leonid Bershidsky – March 6, 2015) [Chart here bloombergview.com/articles/2015-03-06/ukraine-s-economy-is-worse-than-it-looks] The world’s worst-performing currency this year, the Ukrainian hryvnia, has bounced back 47 percent since last week’s precipitous plunge. It’s tempting to conclude Ukraine has pulled back from the brink of financial disaster. In reality, the Ukrainian central bank and government are just sweeping their problems under […]

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Ukrainian bank insolvencies cost 9% of GDP in 2014-15

Map of Ukraine, Including Crimea, and Neighbors, Including Russia

(Business New Europe – bne.eu – bne IntelliNews – March 9, 2015) Ukraine’s bankers stole UAH58bn from their banks in 2014-2015, state refunds to depositors of bankrupt banks were equivalent to 10% of total budget revenues, while total losses from bank insolvencies comprised 9% of GDP. These are just some of the disastrous figures Valery Gontareva, head of the National […]

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Interfax: Kostin calls Ukraine a bankrupt nation

Map of Ukraine, Including Crimea, and Neighbors, Including Russia

MOSCOW. March 4 (Interfax) – Ukraine is already in a default, and the country’s financial sector cannot exist without foreign financing, VTB (MOEX: VTBR) CEO Andrei Kostin told reporters on Wednesday. “Ukraine’s financial and banking sector is in an extremely difficult state. Ukraine is actually already a bankrupt nation and in a default, and without foreign aid and external [financing] […]

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Interfax: Kyiv stepping up DPR economic blockade – Pushilin

Map of Ukraine, Including Crimea, and Neighbors, Including Russia

ROSTOV-ON-DON. Feb 26 (Interfax) – The self-proclaimed Donetsk People’s Republic (DPR) has accused Kyiv of increasing the economic blockade on the region in defiance of the latest peace accords. “In defiance of the Minsk agreements, Ukraine is intensifying the economic blockade on the DPR. Humanitarian aid is the only opportunity for people to get food today,” DPR envoy Denis Pushilin […]

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IMF agrees $17.5 billion facility with Ukraine to give total aid package of $40 billion

Maidan Square file photo

(Business New Europe – bne.eu – Kateryna Illyashenko in Kyiv – February 12, 2015) The International Monetary Fund (IMF) has tentatively agreed a $17.5bn extended fund facility with Ukraine, part of an overall $40bn funding package for the country over the next four years, the fund’s managing director, Christine Lagarde, said on February 12. The package will go some way […]

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Business New Europe: Ukraine investment case depends on peace, aid and unity, says Weafer

Maidan Square file photo

(Business New Europe – bne.eu – Ben Aris in Moscow – January 21, 2015) “Ukraine 2015 investment case depends on peace, aid and unity,” says Chris Weafer, CEO of Macro Advisory, but of the three at the moment aid is probably the most important. Ukraine has only five weeks left of hard currency reserves in terms of import cover and […]

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Soros’s Terrible Plan to Throw Money at Ukraine

Ukraine Map and Flag

(Bloomberg – bloomberg.com – Leonid Bershidsky – January 8, 2015) The case President Petro Poroshenko’s government has made for international financial support got a boost from the financier and philanthropist George Soros, who urged Europe to put together a $50 billion rescue package for Ukraine. Both Soros’s detailed plan and the government’s fundraising efforts face an uphill struggle: The government […]

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EU to provide €1.8 billion extra funds for foundering Ukraine

EU Map

(Business New Europe – bne.eu – IntelliNews – January 9, 2015) The EU will provide €1.8bn in macroeconomic assistance to default-threatened Ukraine, the European Commission announced on February 8. But the move might not be enough to save Ukraine from a sovereign default. The loan comes one day after a call by veteran financier George Soros for the EU to find €50bn for […]

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Soros calls for EU to give Ukraine $50 billion bailout

EU Map

(Business New Europe – bne.eu – bne IntelliNews – January 8, 2015) George Soros, the 84-year old financier and philanthropist, has called for the EU to pump $50bn into Ukraine, while predicting a Russian default. “Europe needs to wake up and recognise that it is under attack from Russia. Assisting Ukraine should also be considered as a defense expenditure by the EU […]

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NEWSWATCH: In Ukraine’s Donetsk, the ‘death clutch’ of a forgotten war: Both Russian and Ukrainian economies in tatters, half a million people displaced

Ukraine Map and Flag

[“In Ukraine’s Donetsk, the ‘death clutch’ of a forgotten war: Both Russian and Ukrainian economies in tatters, half a million people displaced” – CBC.ca – Don Murray – January 5, 2015] The CBC and free-lance reporter Don Murray examine the conflict in Ukraine, some of its underlying issues and its human costs: * * * Tens of thousands more Ukrainians are still trapped in […]

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The high price of democracy in Ukraine

Maidan Square file photo

(opendemocracy.net – Andrii Ianitskyi – January 5, 2015) Andrii Ianitskyi was born in Sevastopol in 1983 and since 2007 has been living in Kyiv, the Ukrainian capital. He graduated from the Sevastopol branch of Moscow State University in 2007 and became a qualified journalist before working as a journalist and editor in the business media, for companies including Ukrainian News, […]

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War Severs Ukraine’s Industrial Arteries as Economy Sinks

Ukraine Map and Flag

(Bloomberg – bloomberg.com – Agnes Lovasz, Daryna Krasnolutska – October 2, 2014) The bloody conflict in Ukraine’s east is severing the arteries that connect the nation’s economy. The effects are being felt hundreds of miles from the unrest in industries as different as electricity and food processing. Power plants at the other end of the country are being starved of […]

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