This morning’s announcement by the IMF that it has reached a staff level agreement to provide financial support to Ukraine of $14-18bn reduces the risk of a balance of payments crisis and a default on public foreign currency debt. The current government has made all the right noises about its willingness to enact the reforms that will form the conditions of IMF lending. But the volatile political situation and Ukraine’s poor track record in implementing reforms demanded by the Fund mean that there will still be many doubts about whether politicians will be able to push substantial changes through this time.
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