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Ukraine Vows to Curb Reserves Plunge as IMF Repeats Loan Demands

Ukraine pledged to stem declines in its foreign reserves next year as the International Monetary Fund said it wouldn’t ease conditions for a new loan amid a third recession since 2008.

Borrowing will match or exceed the planned $7.1 billion of foreign-denominated debt repayments, Halyna Pakhachuk, head of the Finance Ministry’s department debt, said today at a Fitch Ratings conference in the capital, Kiev. If markets improve, Ukraine may sell $1 billion to $2 billion of Eurobonds in 2014 and may borrow as much as $1 billion from China, she said.