Ukraine parliament begins IMF reform package debate
Ukraine’s parliament has commenced debating a reforms package required by the International Monetary Fund (IMF) as a prerequisite for a multi-billion-dollar aid package.
The parliamentary debate over the IMF aid package, required to stop the country from falling into bankruptcy, began on Monday.
The proposed reform package includes severe public spending cuts, an increase in gas prices, and the implementation of measures aimed at battling endemic corruption.
The IMF has pledged to give the war-torn country a $17.5 billion (15.5 billion euro) loan if Ukraine implements the strict reforms.
"We are now in a situation where we have no easy solutions," Ukrainian Prime Minister Arseniy Yatsenyuk (shown below) warned lawmakers before the debate.
He added that adopting the reforms would not only secure the IMF loan, but also allow the country to pay off its foreign debts and attract foreign investment.
The hryvnia, Ukraine’s currency, has vastly suffered over the last year, losing around two-thirds of its value as the country’s eastern regions fell in to conflict between government forces and pro-Russian troops.
The country's foreign currency reserves are also running dangerously low.
Parliamentary leader of President Petro Poroshenko's bloc, Yuriy Lutsenko, referred to the situation as a make-or-break moment for the country.
"The fact is that without the package... Ukraine will face financial collapse within two weeks," he said.
The IMF bailout is part of an expected $40 billion international aid package to be paid over 4 years.
Ukraine’s mainly Russian-speaking regions in the east have witnessed deadly clashes between pro-Moscow forces and the Ukrainian army since Kiev launched military operations in mid-April last year to silence pro-Russia protests there.
SRK/NN/AS
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