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    Western $30 Billion Aid Insufficient For Kiev: Ukrainian Foreign Minister

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    Ukrainian Foreign Affairs Minister Pavlo Klimkin said Saturday that the country needs much more money than the $30 billion the Western countries had promised Kiev, German media said.

    MOSCOW, October 18 (RIA Novosti) - Ukrainian Foreign Affairs Minister Pavlo Klimkin said Saturday that the country needs much more money than the $30 billion the Western countries had promised Kiev, German media said.

    According to Klimkin, subsequent financial needs of the country can no longer be taken into account, as the rescue measures for macroeconomic stabilization planned in spring were "delayed." "That's why the promised $30 billion will not be enough," Klimkin told Wirtschaftswoche news magazine.

    According to the head of the Ukrainian diplomacy, the country should act, considering the fall of the country's GDP by 7 to 8 percent. "I think our additional financial needs will be more significant," Deutsche Welle quoted Klimkin.

    The Minister stressed that the goal of Ukraine for ten years is to become a member of the European Union, and Kiev has to use its chances and quickly adopt EU standards. "If we do our homework, then in 2020 we can apply to be accepted in a few years," he said.

    As a result of the ongoing political crisis in the country, Ukraine is currently on the verge of a default. Kiev authorities are trying to rescue the country’s economy with international loans, including a $17 billion loan from the International Monetary Fund. To receive the IMF financial support, Ukraine agreed to a severe austerity program that includes raising taxes and selling off state assets.

    Tags:
    European Union, loan, political crisis, financial aid, International Monetary Fund, Ukrainian Foreign Ministry, Pavlo Klimkin, West
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