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Thursday 21 August 2014

Quick IMF deal key to stabilising Ukraine currency

Published 27/02/2014 | 13:04

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Diplomat Andriy Deshchytsya stands on the stage during a rally in Independence Square in Kiev February 26, 2014. Ukraine's protest leaders on Wednesday named former economy minister Arseny Yatseniuk as their choice to head a new government following the overthrow of President Viktor Yanukovich. The council named career diplomat Deshchytsya as foreign minister. REUTERS/Valentyn Ogirenko (UKRAINE - Tags: POLITICS HEADSHOT)
Diplomat Andriy Deshchytsya stands on the stage during a rally in Independence Square in Kiev February 26, 2014. Ukraine's protest leaders on Wednesday named former economy minister Arseny Yatseniuk as their choice to head a new government following the overthrow of President Viktor Yanukovich. The council named career diplomat Deshchytsya as foreign minister. REUTERS/Valentyn Ogirenko (UKRAINE - Tags: POLITICS HEADSHOT)

Arseny Yatseniuk, who was nominated on Thursday to be Ukraine's prime minister, said securing a new loan agreement with the International Monetary fund was vital for the country to be able to stabilise the hryvnia currency.

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The hryvnia hit a record low earlier on Thursday because of concerns that the central bank is stymied by dwindling foreign currency reserves.

"We need immediately to sign an agreement with the IMF," Yatseniuk told parliament after his nomination. "As soon as a deal on an IMF programme has been signed, money will come for our reserves and we will be able to stabilise the exchange rate."

Parliament was due to vote on his candidacy later on Thursday.

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