Ukraine Seeks IMF Bailout As Prime Minister Resigns
By IBTimes Staff Reporter | December 5, 2012 8:48 AM EST
Ukraine faces economic uncertainty amid the resignation of Prime Minister Mykola Azarov and his cabinet as the country prepares for talks with foreign lenders on financial assistance.
Azarov officially stepped down Monday, though President Viktor Yanukovich asked him to stay on in an interim capacity to handle upcoming negotiations this week with the International Monetary Fund.
Azarov has spent the past two-and-a-half years trying to jumpstart Ukraine’s ailing economy, ridden with debt and shrinking amidst falling exports and a weakened currency.
Representatives from the IMF are expected to arrive in Kiev on Dec. 7 to discuss the terms of any potential financial assistance.
The Ukrainian government is hoping to pay off $6.4 billion of its $58 billion debt with IMF loans, while the IMF is demanding that Kiev raise gas and heating prices to reduce the national deficit, according to the Reuters news agency.
Azarov has previously rejected pressure from the IMF to implement widely unpopular austerity measures as a condition of a bailout package.
To contact the editor, e-mail:
Most Popular Slideshows
- Typhoon Rammasun Claims 18 Lives in China, Incurs $4.32B Losses (PHOTOS)
- Kate Middleton's Pregnancy Hearsays: Possible Evidence Revealed [PHOTOS]
- Malaysia Airlines MH17: Vital Black Boxes Finally Land in Hands of Malaysian Authorities, Rebels Announce Ceasefire (PHOTOS/VIDEOS)
- Selena Gomez Turns 22 Today, Celebrates Early without Justin Bieber: Top 12 Interesting Facts About the Singer [SEE PHOTOS]
Join the Conversation
- Flight MH17 Attack: Russians Claim 'Putin A Terrorist,' Memorial at Dutch Embassy Overflows [PHOTOS]
- Malaysia Airlines MH17: Russian Govt Found Tinkering Wikipedia Crash Info
- Italian Appeals Court Overturns 2013 Sex with Underage Prostitute Conviction Against Former PM Silvio Berlusconi
- New Zealand Pays Tribute to Kiwi MH17 Victims Amid World Clamor for Russian Cooperation
- New Senator Jacqui Lambie Heats Up Aussie Radio by Saying Potential Suitor Should Be Rich and Well-Hung
- Motorola Moto G Vs. Xiaomi Mi3 – Low in Price, High -level Features
- Google Nexus 8 Release Date Soon Along with 2 More HTC Android Tablets – Reports
- Sony PlayStation 4 Outsells a Resurgent Xbox One in June
- Killer Xiaomi Mi4 at $369 Likely to Come With 5.0-Inch Display, Snapdragon 801 Processor, 3GB RAM and More
- NVIDIA Shield Gaming Tablet with Tegra K1 SoC Reported to be Released on July 29
- BlackBerry Passport Video Leak, Release Date, Five Fresh Features to Anticipate [Watch YouTube Clip] --Reports
- Iphone 6 Release Date Fast -Approaching, Reuse and Recycle Program Now in Australia