IMF says Ukraine could need billions in additional aid if fighting persists
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The International Monetary Fund says Ukraine will need billions of dollars in additional support if the fighting between the military and Russian-backed separatists in the country's east persists.
In its first in-depth assessment since granting the country a $17 billion bailout program in March, the IMF said Tuesday "risks loom large" for the country's economy.
It says the bailout program already faces a $3.5-billion funding shortfall through 2015, with the economy forecast to shrink by 6.5 percent this year. Analysts say Ukraine's gross domestic product might tumble even more.
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It says if the fighting in the eastern region — representing about 16 percent of Ukraine's GDP — were to persist through next year, Kiev would likely need additional support worth $19 billion only to shore up its central bank reserves.