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Ukraine Seeks Support From IMF

DW staff (dc)October 15, 2008

The International Monetary Fund is sending a team to Ukraine after the former Soviet country requested assistance to help stem a growing economic crisis.

Yulia Tymoshenko: No need to panicImage: picture-alliance

At a news conference on Tuesday, Prime Minister Yulia Tymoshenko dodged the question of whether Ukraine was seeking IMF help, instead offering broad assurances that there was no need for panic.

But a spokesman for the IMF said a delegation is due in Ukraine on Wednesday "to discuss economic policies."

The Ukrainian government has been forced to take emergency measures to rescue banks and stabilize the currency after a run on bank accounts this month, sparked by severe currency devaluation and a stock market crash.

Under an agreement reached with the IMF in 2004, Ukraine is entitled to draw up to $605 million in standby credits should the fund become necessary.

Ukraine is the fourth country in a matter of days to approach the IMF for help, following a path already tread by Hungary, Serbia and Iceland.