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Pressure mounts on IMF to deliver Ukraine rescue programme

Team of the agency's experts in the country assessing its financial needs as the US and Europe consider rescue packages

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Managing Director of the International Monetary Fund Christine Lagarde. Photo: EPA

Can the International Monetary Fund say “no” to Ukraine?

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Called to the rescue by Kiev, the global crisis lender is under increasing pressure from all sides to give the green light to an aid programme, even as it risks its own credibility in doing so.

A team of IMF experts landed in Ukraine on Monday to launch discussions with the authorities, dissecting the economy’s problems and shaping an aid plan, even as the new government struggles with the threat of Russia in Crimea and says it needs “at least” US$15 billion.

An IMF loan does not appear to be imminent, but the expectation is heavy. On Sunday, finance ministers from the seven leading industrial powers – the G8 minus Russia – emphasised that the IMF is “best prepared” to lead a support programme for the country.

The United States, the country with the biggest voice in the IMF, has repeatedly said the IMF should be at the heart of any rescue programme.

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Europe, also holding a strong voting position in the fund, has the same view.

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