The International Monetary Fund on Thursday promised to loan between $14 billion US and $18 billion US to Ukraine's fledgling government, which is struggling to keep the country's economy afloat amid mounting debts.
Ukraine had faced three months of anti-government protest when President Viktor Yanukovych fled the country late February. Its economy teetering on collapse, Ukraine was pushed closer to the edge with Russia's takeover of the Crimean Peninsula and Moscow's multi-billion dollar bill for gas deliveries.
Prime Minister Arseny Yatsenyuk told the parliament on Thursday that the country is "on the brink of the economic and financial bankruptcy" and that its economy could drop 10 per cent this year unless urgent steps are taken.
But the reforms his new government agreed to in exchange for the loans will hit households hard. That could severely diminish the new government's popularity at a time when it is struggling to establish itself in Kyiv and has already lost territory to Russian forces.
Tymoshenko to run for president
Also on Thursday, former Ukrainian prime minister Yulia Tymoshenko, one of her country's most polarizing political figures, announced she will run for presidential elections set for May 25.
Tymoshenko, who was released from jail last month following the overthrow of Yanukovcyh, her long-time political rival, said she would stand to protect the unity of Ukraine.
Yulia Tymoshenko came to international prominence in the 2004-05 Orange Revolution, which culminated with the overturning of a widely criticized election that had given Viktor Yanukovcyh victory.
This will be her second attempt to secure the presidency. She narrowly lost to Yanukovcyh in 2010."I will be the candidate of Ukrainian unity," Tymoshenko said. "The west and centre of Ukraine has always voted for me, but I was born in the east, in Dnipropetrovsk."
Her renewed ascent to the forefront of public life marks the return of the most divisive figures in Ukraine's political scene. She is variously admired as an icon of democracy and detested as a self-promoting manipulator with a shady past.
With herb blond braids and telegenic smile, Tymoshenko came to international prominence in the 2004-05 Orange Revolution, which culminated with the overturning of a widely criticized election that had given Yanukovcyh victory.
A re-run of the election handed the presidency to her political ally Viktor Yushchenko, under whom she served as prime minister. Amid broad disappointment at that government's performance, Yanukovcyh was again elected in 2010.
Tymoshenko said that she would not squander voters' trust this time around.
"I will do everything to ensure that our second European revolution does not lead to distrust, depression and disappointment," she said. "I will everyday work to earn the trust that is afforded to me by the people."
Western support could reach $27B
Tymoshenko is the best known of an array of new candidates in a race left wide open by Ukraine's political upheaval, ranging from former heavyweight boxer Vitaliy Klitschko to politicians who have their political base in eastern provinces.
The election campaign is taking place against the backdrop of dismal economic conditions, Russia's annexation of Crimea and rumblings of discontent in the country's mainly Russian-speaking eastern provinces.
The IMF said on Thursday that Ukraine's recent economic policies have drastically slowed growth and brought foreign currency reserves to a "critically low level."
After two weeks of talks in Kyiv, the IMF said the precise amount would be determined once Ukrainian authorities offered more precision on their needs and it was clear what other aid the country would receive. It mentioned, however, that the "support from the broader international community" could be as high as $27 billion.
The IMF loan hinges on structural reforms that Ukraine has pledged to undertake. The IMF said the reforms will include maintaining a flexible exchange rate and reforming the energy sector to make it profitable, all of them potentially painful for the majority of the population.
Russia is raising natural gas prices for Ukraine, and the households in Ukraine should expect their gas bills to rise by 50 per cent in May, Ukrainian officials said.
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