IMF Warns Ukraine On Aid

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IMF Warns Ukraine On Aid

Submitted by editor on Mon, 11/02/2009 - 07:41

The International Monetary Fund has warned that it could cut financial assistance to Ukraine, one of the world’s most recession hit economies, after the country veered “off track” by adopting populist wage and pension increases, the Financial Times reported. The warning came after Viktor Yushchenko, Ukraine’s president, on Friday signed the increases into law, ignoring warnings from the IMF and Yulia Tymoshenko, his prime minister and bitter rival. The standoff is rooted in a rivalry between Ukraine’s political leaders ahead of a hotly contested presidential election to be held in January. Dominique Strauss-Kahn, the IMF head, said he was “very worried” over Mr Yushchenko’s decision to sign the bill. Almost $11 billion in IMF assistance received since the global financial crisis broke has kept Kiev afloat financially. The IMF is mulling whether to disburse an additional $3.8 billion (€2.6 billion, £2.3 billion) in November. It is seen as crucial to keeping Kiev stable in coming months, but Mr Strauss-Kahn said the 20 per cent wage and pension increases should be cancelled first. Read more. (Subscription required.)

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