"We are concerned that current Ukrainian leadership is not strong enough to pass the necessary legislation through the parliament. We need groundbreaking reforms, not some stand-alone changes but a whole new system," noted Karl-Georg Wellmann, the head of the German-Ukrainian parliamentary group.
According to the politician, the European Central bank needs at least $110 billion to revive Ukraine, its infrastructure and industry. "But it all will start only after all the necessary reforms are carried out," Wellmann emphasized.
"Europe has enough money, but we need projects that are non-existent in Ukraine," the politician said.
However, many believe $110 billion will hardly be enough. For instance, a bailout program for Greece, not ravaged by a civil war, amounts to $325 billion. "Since Ukraine's economy is four times bigger than Greece's, the bailout should also be big," Daisuke Kotegawa, a former executive director for Japan at the International Monetary Fund (IMF), told Sputnik.
Meanwhile, the Ukrainian parliament passed a bill granting the government the right to impose a moratorium on foreign debt payments. According to Ukraine' Prime Minister Arseny Yatsenyuk, the moratorium could only be applied to private loans. However, Kiev considers a $3-billion loan it received from Russia private.
"As far as I understand, the IMF doesn't provide any loans to countries that are in a situation of default or bankruptcy," Russian President Vladimir Putin said, adding that the moratorium is a de facto announcement of default.
In February, a ceasefire agreement, endorsed by Russia, Germany and France, was reached between the Donetsk and Lugansk People's Republics and Kiev, which launched a military operation against independence supporters in southeastern Ukraine in April 2014.
Although some of the provisions of the deal have been fulfilled, Kiev has been slow in implementing key steps to reach lasting peace in the country.
