AlQa'dah 28, 1435, Sep 23, 2014, SPA -- Ukraine will likely need to extend its IMF program to help the government pay its bills and also will require more support from other donors, especially the European Union, a global financial industry group said on Tuesday. Despite a recent ceasefire with pro-Russian separatists in eastern Ukraine, Kiev will suffer a double-digit recession this year, given the destruction of factories and other infrastructure and an increase in banks' capital needs, the Institute of International Finance said. According to Reuters, Lubomir Mitov, the IIF's chief economist for emerging Europe, said Kiev would also likely need to restructure its debt to lengthen the maturities on government bonds.
