A 79 per cent rise in the price of gas from Russia next month will push the country towards an economic disaster, Ukraine's prime minister Arseny Yatseniuk said yesterday.
Russia said it would charge Kiev US$480 per 1,000 cubic metres from April 1.
Ukraine, which depends on Russia for more than half of its gas needs, plans to import about 30 billion cubic metres this year, Yuriy Prodan, the country’s energy minister said this month.
Said the prime minister: “Ukraine is on the edge of economic and financial bankruptcy.”
He said inflation this year would range between 12 and 14 per cent and unless laws were passed to support the austerity measures proposed by the IMF to stabilise the economy, GDP could fall 10 per cent during the year and Ukraine could default.
Ukraine yesterday reached a preliminary deal with the IMF to unlock $27 billion of international support to avert default and limit economic damage from a four-month political crisis.
The government in Kiev reached a staff-level agreement with the Washington-based lender for a two-year loan of $14bn to $18bn, the IMF said.
The IMF’s board must still sign off on the package, Ukraine’s third since 2008, and the government needs to complete “prior actions” to receive the first instalment.
Ukraine’s government bonds rallied in response to a rescue deal that appears to shield the investors that hold them from losses.
The price of the country’s once-troubled bonds rose to their best levels since late January.
The yield on a Ukrainian dollar-denominated bond maturing in 2023 fell 0.36 percentage points from Wednesday’s close to 8.94 per cent, according to Tradeweb. Yields fall as prices rise.
But the hryvnia, this year’s worst performer against the dollar with a 25 per cent decline, weakened 0.5 per cent to 11 per dollar in early trading.
The Micex Index retreated 1.3 per cent to 1,331.35 by early afternoon in Moscow, trimming this week’s increase to 1.9 per cent.
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MATCH INFO
League Cup, last 16
Manchester City v Southampton, Tuesday, 11.45pm (UAE)
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The Bio
Name: Lynn Davison
Profession: History teacher at Al Yasmina Academy, Abu Dhabi
Children: She has one son, Casey, 28
Hometown: Pontefract, West Yorkshire in the UK
Favourite book: The Alchemist by Paulo Coelho
Favourite Author: CJ Sansom
Favourite holiday destination: Bali
Favourite food: A Sunday roast
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Opening Premier League fixtures, August 14
- Brentford v Arsenal
- Burnley v Brighton
- Chelsea v Crystal Palace
- Everton v Southampton
- Leicester City v Wolves
- Manchester United v Leeds United
- Newcastle United v West Ham United
- Norwich City v Liverpool
- Tottenham v Manchester City
- Watford v Aston Villa
UAE currency: the story behind the money in your pockets
RESULTS
Mumbai Indians 181-4 (20 ovs)
Kolkata Knight Riders 168-6 (20ovs)
Mumbai won by 13 runs
Rajasthan Royals 152-9 (20 ovs)
Kings XI Punjab 155-4 (18.4 ovs)
Kings XI Punjab won by 6 wickets
FIGHT%20CARD
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5