Ukraine asks International Monetary Fund for new financial rescue program as economy worsens
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The head of the International Monetary Fund says Ukrainian President Petro Poroshenko has asked for a new program of financial rescue loans.
Christine Lagarde met Poroshenko on Wednesday on the sidelines of an economic forum in Davos, Switzerland, and said in a statement that the Ukrainian leader had sought to replace the country's current $17 billion bailout package with a new one. Ukraine's economy and public finances have been devastated by the war in its eastern region, the slow pace of reforms, and a lack of foreign investment.
Lagarde said: "We will consult with the IMF Executive Board on the (Ukrainian) authorities' request."
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The U.S. and European Union have in recent days pledged more money to Ukraine, but only on condition that Kiev enacts more of its promised economic reforms.