Ukraine calls for aid, needs $35bn over 2yrs

2014-02-24 13:05

Kiev - Ukraine said on Monday it needed $35bn in foreign assistance over the next two years and appealed for urgent aid following the overthrow of its president.

The Finance Ministry said it had called for a donor's conference and needed the first aid in the next week or two.

Acting President Oleksander Turchinov, appointed after Viktor Yanukovich was stripped of his powers by parliament on Saturday, said on Sunday Ukraine was near default and the economy was falling into an abyss.

"Over the past two days, we have had consultations and meetings with the EU and US ambassadors and other countries and financial institutions on the urgent delivery of macro-financial assistance for Ukraine," Acting Finance Minister Yuri Kolobov said in a statement.

He said the international donor conference should involve representatives of the European Union, the United States and the International Monetary Fund.

Ukraine faces state debt payments of around $6bn in the remainder of this year.

In an address to the nation, Turchinov on Sunday spelled out the enormity of the task facing Ukraine's new leadership, and identified stabilising the economy as a priority.

"Against the background of global economic recovery, the Ukrainian economy is heading into the abyss and is in a pre-default state," he said.

"The task of the new government is to stop the country's slide into the abyss, to stabilise the exchange rate, guarantee the timely payment of salaries, pensions and stipends, and to regain the confidence of investors, promote the development of enterprises and the creation of new jobs."

The Ukrainian currency, the hyrvnia, fell about 2.4% against the US dollar in early trading on Monday.

  • Armand Horn - 2014-02-24 13:44

    You can have your loan, but you and your children and your children's children will pay for it, ask the Greeks, the Portuguese, Cypriots, and the rest of Southern EU.

  • Gwilym John Howes - 2014-02-24 15:02

    No! Why can't people sort out their own problems?

  • Diana Gill - 2014-02-24 17:00

    During the last meeting between Klitchko and Merkel he was clearly explained , there would be no cash injections until things in Ukraine were back to order. This way the donkey was shown a carrot but never managed to take a bite. That's how the modern day slavery works.

  • OrbitingTeapot - 2014-02-24 18:47

    Well here is the first fruit ripening on the tree of violent revolution. Ukraine can now take a dive into the IMF pool of debt. Good times have arrived with heaps of cash available for spending from "foreign donors". The "protesters" have got their way and want to join the EU debt system. If they think they had it hard just wait until the bankers who slapped the backs of the thugs in congratulations want their money back with interest. It will make Greece look like a wealthy country. Russian President Putin, with a wily smile said the new Ukrainian regime can always turn to the IMF for "help" knowing that that is a fate far worse than crackdown of a thousand tanks. But the revolutionary idiots are too stupid to figure out that prosperity comes from hard work, and not debt loans from "foreign donors"

      OrbitingTeapot - 2014-02-24 18:57

      Oh yes Ukraine, forgot to mention. There is an unpaid invoice from Russia of some $3.5 billion for unpaid gas. Just make sure you have included that in your loan application. For the myopic revolutionaries, the small writing on the invoice reads "Russia will no longer be able to offer the 40 discount in the future for natural gas, and you will pay the going rate. We are confident your bankers will understand this and make additional money available for you"

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