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Ukraine financial crisis delays vote

Recent Outbreaks     updated  2008/10/21 09:27

Ukraine's president on Monday called back the parliament he dissolved earlier this month to push through emergency legislation aimed at softening the impact of the country's financial crisis.

President Viktor Yushchenko also issued a decree pushing back parliamentary elections by a week until Dec. 14 to allow time to first address the economic situation.

Ukraine's economy has been shaken hard by the global economic crisis. The government was forced to rescue two top banks while the national currency — the hryvna — has fallen around 12 percent in recent weeks. The Ukrainian stock market has been in free fall and the country is seeking a loan of up to $15 billion from the International Monetary Fund to help stabilize the financial sector.

Yushchenko ordered the creation of a $200 million stabilization fund and ordered government to use it to help shore up the banking sector, assist the country's key steel and chemical industries, adopt a balanced budget and regulate foreign trade. Parliament will have to vote on the package of measures.

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