Yatsenyuk: Ukraine Needs International Donors Help to Avert Default

The Ukrainian Prime Minister urges the West to prevent the country's economic collapse. Reportedly, Kiev needs an additional bailout of $15 billion "within weeks" to plug a shortfall in the government budget.

KIEV, December 11 (Sputnik) – Ukraine needs to convene an international donor conference to secure financial assistance needed to avert a default, Prime Minister Arseniy Yatsenyuk said Thursday.

"In order to survive this difficult period, to avert a default, we need an international donor conference and help from our Western partners," Yatsenyuk said.

The statement comes a day after the Financial Times reported, citing International Monetary Fund (IMF) sources, that Ukraine needs an additional bailout of $15 billion "within weeks" to plug a shortfall in the government budget and prevent the economy from collapse.

On Tuesday Yatsenyuk said his government was prepared to put in place belt-tightening measures, such as spending cuts and a crackdown on the shadow economy. He added that his government was not begging for money, but considered IMF as a partner.

Ukraine, currently on the verge of default, is facing a grave economic crisis. Kiev is hoping to save its economy with international financial aid. The additional funding would add to the $17 billion IMF made available in April that is expected to last until 2016. Since then, Kiev has received $8.2 billion in funding from the IMF and other international organizations.