Ukrainian Parliament gives initial approval to legislation needed to get IMF Loan
Posted on October 29th, 2008 by Vitaliy Tretyakov
Ukraine’s parliament has given initial approval to a package of bills needed to receive an emergency loan from the International Monetary Fund.
The government hopes the $16.5 billion loan will help avoid a meltdown as it struggles to defend the fallen national currency and a shaken banking sector.
Lawmakers approved the series of laws in the first of the two required readings Wednesday, after being paralyzed for nearly two weeks due to a political standoff.
Ukraine’s Central Bank chief warned Wednesday big Ukrainian banks and corporations could default on their debt to foreign lenders if the IMF money doesn’t come through. A presidential aide said Ukraine will see plunge into a recession next year with a negative two percent growth.
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