IMF Announces $18B of Ukraine Aid

With Vladimir Putin breathing down its neck, Ukraine now has some relief in sight, as the IMF announced Thursday it is providing the country up to $18 billion in assistance over the next two years. The aid will work to prevent Ukraine from going into default, and help the nation right itself while it tries to form strong government institutions. The country is in a tough economic position after years of mismanagement and rampant corruption. It is also eying Moscow warily after Russia annexed the Crimean Peninsula. However, the aid will require major governmental reforms, likely to include cuts in social spending.