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Published in Stream:
Ukraine Live Day 325
Press by
The Interpreter
Russian-to-English translation journal, with original analysis and commentary on Russia's foreign & domestic policy.
European Commission Offers Ukraine 1.8 Billion Euros, Says IMF Conditions Must Be Met
7 years
Angela Merkel Says Russian Sanctions Can't Be Lifted Until Minsk Agreement Fully Implemented
Ukraine Has a Serious Debt Problem, With No Solution In Sight

Good news for Ukraine? RFE/RL reports that the European Commission has offered 1.8 billion euros ($2.12 billion) in medium-term loans to Ukraine, but that loan comes with a catch:

The EU's executive arm said on January 8 that Ukraine must continue reforms under an International Monetary Fund (IMF) program and implement economic and financial policies agreed with the EU...

Meanwhile, an IMF team on January 8 resumed talks with authorities in Kyiv about terms for a possible new loan to Ukraine. 

An existing IMF bailout package is worth $17.1 billion, but only $4.6 billion has been paid out so far.

The conditions of the IMF loan require Ukraine to make significant cuts in the government's deficit. Ukraine is trying to do this while simultaneously increasing military spending to counter the threat from Russia and the Russian-backed militants in the east.  In order to do that, the Ukrainian government has had to cut back on other services, adding to Ukraine's economic woes.

Meanwhile, the Ukrainian hryvnia is trading at 15.76 to the US dollar, near its worst rate. Here is a graph of the hryvnia's performance against the dollar over the last year. As you can see, the currency started to struggle after the Euromaidan revolution in February 2014 and has faced significant devaluation since the Russian military operations started 10 months ago.