EE/FSU: Review of IMF programs
Overview:
With the onset of the global economic crisis, many countries in Eastern Europe (EE) and the Former Soviet Union (FSU) turned to the IMF for financial assistance in late 2008/early 2009. Many of these programs are now nearing completion and/or expiry. Some countries, having survived the worst of the crisis, now believe they can manage without further IMF assistance not wishing to be subject to its strict conditionality (e.g. Hungary). In other cases, balance of payments problems turned out to be worse than expected and programs were extended or augmented (e.g. Georgia). Finally, in some countries elections a change of administration led first to a delay in implementation of the existing program and then the agreement of a new one (e.g. Ukraine).