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Ukraine's immediate economic crisis has been resolved, but its economy remains fragile and still needs international support. If the new Ukrainian government becomes complacent, the country's gains could be lost.When former President Viktor Yanukovych fled to Russia in February 2014, the Ukrainian economy was in free fall, contracting by 17 percent in just two years.Ukraine has been climbing out of an economic hole that Yanukovych helped dig.Almost three years later, Ukraine is keeping up on its foreign payments. The International Monetary Fund rescued the economy with a $5 billion disbursement, and Ukraine's international reserves have now increased to $14 billion. Moreover, because Ukraine voluntarily restructured its private debt last year, payments to service it will remain low until 2020 .Despite these considerable macroeconomic achievements, however, Ukraine's microeconomic progress has been modest. More important, Ukraine needs to strengthen the rule of law. The West's next demand will likely be that Ukraine appoint an independent energy regulator.
The Achilles’ heel of Putin’s regime: financial havens
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