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Kiev Needs $35 Billion of Financial Assistance

Acting Finance Minister Yuriy Kolobov proposed calling an international conference of donors with the EU, the U.S. and other countries. The $35 billion financing package is needed for this year and the following year, the ministry has estimated.

Viktor Yanukovych Ukraine’s ousted President is a wanted man. CNN News has reported that Yanukovych is facing a warrant for the “mass killings” of civilians. He is also missing.

Acting President Oleksander Turchinov is warning that the Ukraine is close to default and “heading into the abyss”, and according to Reuters, both the United States and European Union said they were looking at how to help Kiev. The country will need $35 billion in foreign aid over the next two years to avert default and the L.A. Times has reported that it has called for an international donors’ conference to craft a rescue plan.

According to Bloomberg news, the Ukraine replaced its central bank chief as it scrambles to fend off default.



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The economic and political challenges that Ukraine faces are enormous,” reported chief economist for emerging Europe at the Institute of International Finance, Lubomir Mitov. “To avoid a complete collapse in the coming weeks, Ukraine needs money now,” he said on a phone call with reporters, according to Bloomberg News.

According to Huffington Post, French Foreign Minister Laurent Fabius, while speaking during a visit to Beijing, said that it would be “desirable” for Russia to offer support for Ukraine.

The European Commission has confirmed that a variety of options for financial assistance are being discussed, according to the Huffington Post. European Commission spokesman Olivier Bailly reported that The EU has been working on an international economic support package for Ukraine for the short, medium and long term.

There has been the deadliest violence in the country since its independence 22 years ago. The State Department has warned U.S. citizens to defer all nonessential travel to Ukraine.

Image Credit: www.veooz.com

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Jaan Posted by on February 24, 2014. Filed under Home,World News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

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