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Tymoshenko: IMF could give Ukraine 14-billion-dollar emergency loan
Published in Saudi Press Agency on 16 - 10 - 2008

The International Monetary Fund (IMF) could soon give
Ukraine an emergency loan worth as much as 14 billion dollars, Prime
Minister Yulia Tymoshenko said Thursday, according to dpa.
The stabilization credit for the former Soviet republic was
already under active consideration by IMF leadership, and would be
aimed at calming Ukraine's currently woeful stock and commodities
markets.
"We have information from the IMF ... that they are prepared to
provide the money," Tymoshenko said at a press conference in Kiev.
The loan, if given, would be a massive cash infusion for Ukraine,
whose national state budget last year was some 45 billion dollars.
Ukraine's ongoing political crisis with early elections scheduled
for December was however making talks with the IMF and obtaining the
badly-needed cash infusion "quite difficult," she added.
An IMF spokesman declined to comment on Tymoshenko's statements
regarding the fund's plans regarding Ukraine.
The country's once-sunny economy has taken several hits from the
international financial crisis, with stocks having lost as much as 30
per cent of value over the last month, the once-solid national
currency facing widespread abandonment, and foreign investors
deserting the country.
Falling international demand for industrial commodities such as
metals, agricultural produce, and chemicals have worsened worries, as
Ukraine's economy is dependant on high-volume exports of such goods
to sustain growth.
Tymoshenko's government's response to the crisis so far has been
monetary, with the National Bank of Ukraine dramatically reducing the
money supply via tightened credit and stricter banking law.
The moves so far have failed to stop the rot, forcing the
government to shut down the national stock market repeatedly, and
even advance hundreds of millions of dollars of float money to
embattled banks, to stave off a wider financial collapse.
Tymoshenko opposes early elections called by her opponent
President Viktor Yushchenko, as the parliamentary vote is widely
expected to return a new legislature relatively hostile to NATO and
European integration.
Tymoshenko and Yushchenko both support a pro-West Ukrainian
foreign policy, but are at odds over whether the Prime Minister or
the President should run Ukraine's executive branch.


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