The IMF to extend Ukraine up to $18 b in loans over two years

After three weeks of haggling, the IMF has agreed to rescue Ukraine from default with $18 billion in loans over two years. They are conditional on the interim government in Kiev taking steps to let the value of its currency float downward, cut corruption and red tape, as well as reducing huge state subsidies for the consumption of natural gas. These steps entail deep cutbacks in government spending and wages and pensions funds for 46 million Ukraine citizens.