Russian finance minister says Ukraine should seek bailout loan from IMF

Associated Press + More

MOSCOW (AP) — Russian Finance Minister Anton Siluanov says Ukraine should seek a loan from the International Monetary Fund to avoid an imminent default, but would have to meet demands for structural reforms.

Russia in December offered Ukraine a $15 billion bailout, but so far has provided only $3 billion, freezing further disbursements pending the outcome of the ongoing political crisis.

The loan was promised to Ukrainian President Viktor Yanukovych in exchange for his ditching of an agreement with the European Union that Moscow opposed.

But Yanukovych left Ukraine's capital on Saturday after parliament voted for his removal, and protesters calling for closer ties with the West now have the upper hand in Kiev.

Siluanov said Ukraine was discussed Sunday at a meeting of Group of 20 finance ministers in Sydney, Australia.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.