Ukraine’s Economy Would Have Collapsed Without Russian Aid – IMF Chief

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Christine Lagarde Christine Lagarde03/04/2014

Source: RIA Novosti, April 3, 2014
MOSCOW – Ukraine’s ailing economy would have collapsed without Russia’s financial help, the head of the International Monetary Fund said Wednesday.

IMF Managing Director Christine Lagarde said that the Eastern European country’s economy had hit a wall last year and was heading for disaster when Russian bailout money averted a catastrophe.

« Without the support that they were getting from this lifeline that Russia had extended a few months ago, they were heading nowhere, » Lagarde said in an interview broadcast on the US PBS channel.

Russia made a crucial decision to invest a hefty $15 billion in Ukrainian eurobonds late last year, disbursing the first tranche of $3 billion in December. Moscow and Kiev also agreed to steeply cut gas prices for Ukraine in an effort to boost the country’s ailing economy.

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