This is a tough day for her and an important time for Ukraine. Later
she will speak before parliament to defend controversial new budget
measures demanded by the International Monetary Fund (IMF) in exchange
for unblocking a badly needed financial rescue package. The amount at
stake is relatively small, a $1.8 billion second installment of a $16.4
billion loan. But without the IMF, there is little hope Ukraine will
regain enough market confidence to roll over the $40 billion in bank
loans and bonds coming due this year. By mid-April, Tymoshenko needs to
push pension reform and higher gas tariffs through the legislature -
hardly a comfortable position for a leading candidate in the
presidential elections expected on Oct. 25.
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