Ukraine to receive billions from the West

 
Ukraine to receive billions from the West
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An agreement between the US and Ukraine for a loan of $2 Billion was signed in the Ukrainian capital Kiev on Wednesday.

The loan will help the former Soviet republic to manage short-term welfare spending, according to US Treasury Secretary Jack Lew.

The condition for the loan is that Ukraine's government keeps up with its economic reforms and its fight against corruption.

On Tuesday also the EU finance ministers agreed to lend Ukraine almost $2 billion this year to tackle the economic crisis.

Problems were major in the economy even before the pro Russian separatist riots became seriously escalated last spring. But fighting in Donetsk and Luhansk have hit the core areas of Ukraine's industrial production and therefore worsening the economic crisis in the country. In addition the costs of the war effort itself is expensive.

The International Monetary Fund (IMF) pledged already last year to give Ukraine a crisis package worth $16 billion, but has so far been unwilling to increase its contribution. Overall the various donors promised Ukraine almost $27 billion in emergency aid, but all indications are that this is not enough.

IMF estimates that the country needs additional $15 billion to stay afloat for the coming years.

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