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The IMF's loan package conditional on structural reforms in Ukraine and a shrinking of GDP in 2014-2015
03/28/2014
The reforms will be painful for Ukraine. This includes a 50% increase in the price of natural gas, tax increases and spending cuts. The IMF will provide $18 billion in loans. The EU will provide $15 billion in grants and loans. The U.S. in comparison has made only a small token contribution of $1 billion in loan guarantees. EU help is made conditional on Ukraine implementing the IMF program. The prime minister of Ukraine says the GDP could drop by 10% without the IMF and EU loans and by 3% under the IMF program. The IMF has also called for audits of Naftogaz, Ukraine's gas company because of allegations of corruption. Ukraine has some of the earlier characteristics of Greece, in that corruption, mismanagement, inept politicians, large neighbor, and the IMF program of austerity measures, are all part of the picture in 2014.
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