![]() A more prosperous, democratic Ukraine, on the other hand, means a less powerful Kremlin. The government’s avoidance of reforms should worry the Biden administration in the United States: A Ukraine sliding away from democratic reforms will be more vulnerable, while a sluggish economy could reverse its trade reliance from the European Union back to Russia. ![]() ![]() That’s a dangerous strategy for a country whose relationships with the United States and the countries of Western Europe-which together constitute the main source of IMF funds-remain indispensable as it fights off Russia on its eastern border. Kyiv, however, appears to be looking for ways to circumvent the IMF’s conditions while still tapping into the market for government debt. The International Monetary Fund’s financial support for Ukraine is conditioned on the country making various reforms that will reduce its dependence on international assistance in the future. Ukraine has a growing debt problem that the government under President Volodymyr Zelensky is only making worse.
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