Ukraine needs $35 billion in aid to avert default, interim leaders say

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http://www.latimes.com/world/worldnow/la-fg-wn-ukraine-aid-default-20140224,0,7587311.story



Ukraine's interim leaders are calling for an international donors' conference to craft a financial rescue plan for the country. Above, Ukrainian and U.S. currency.

Ukraine needs $35 billion in aid to avert default, interim leaders say
By Carol J. Williams
February 24, 2014, 9:09 a.m.

MOSCOW -- Ukraine’s interim leaders said Monday that the country will need $35 billion in foreign aid over the next two years to avert default and called for an international donors’ conference to craft a rescue plan.

The appeal by acting Finance Minister Yuri Kolobov followed by a day his Russian counterpart’s announcement that Moscow would be cutting off further aid and loan supports to Ukraine until its new transitional leadership is in place and it is clear with whom the Kremlin will be dealing.

Opposition leaders, who have been in control of Kiev since a European Union-brokered pact to quell last week's violence was signed Friday, have said the new slate of ministers could be decided as early as Tuesday. The new government is unlikely to be as friendly to Moscow, though, as was that of President Viktor Yanukovich, who has been stripped of his office by parliament and has fled Kiev for the Russian-leaning east.

Group of 20 finance ministers met in Sydney, Australia, over the weekend and pledged help for Ukraine once its provisional leadership is in place. Political leaders from the United States, the EU and Russia have urged the opposition figures now in control of Kiev and western Ukraine cities to put together a genuinely inclusive cabinet to represent all segments of Ukraine’s badly divided population.