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Will the IMF Lose Ukraine?

BOSTON – An incumbent trying to win an election in a stagnating economy must stimulate growth. This is one the most basic principles of modern politics. And yet the West, which wants to help its allies in Ukraine’s interim government win the general election on May 25, seems to have forgotten it.

Instead, plans are underway to impose on Ukraine the biggest austerity package Eastern Europe has ever seen. This is no way to win votes. After the Russian-imposed chaos, the International Monetary Fund is planning to inflict its own chaos on Ukraine. It is time to remind the IMF that political stability, not a controversial raft of emergency reforms, must be the top priority.