The IMF announced in late March a staff-level agreement with Ukraine for a $14 billion-$18 billion dollar loan. Domestic gas prices were hiked by 50 per cent the day prior to the announcement and the IMF had earlier indicated that it would demand reforms that “cover a wide range of issues”. Ukraine’s 2011 IMF arrangement was frozen by the Fund due to Ukraine’s failure to implement required reforms including gas subsidies. Ultimately, Fund conditionalities may depend on political realities. Brett House of Canadian think tank CIGI argued in March that “the West needs to ensure that IMF money [for Ukraine] carries fewer strings and disburses faster than past loans.”
Market-led policy approaches increasingly used to deal with both climate and health emergencies are failing to protect those most vulnerable.
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