On March 2, 2015, the Ukrainian government passed amendments to its 2015 budget that will cripple the economic well being of most Ukrainians, but satisfy the International Monetary Fund (IMF). At the cost of their pensions, tax increases, sky-rocketing energy bills, and a re-organized banking sector, Ukrainians are now poised to get an IMF-led bailout of up to $40 billion. These austerity measures will have a huge adverse impact – with inflation soaring, many citizens of Ukraine already face dwindling financial reserves. Increases in taxes, energy bills, and lost pensions, are enough to throw any family into financial turmoil.
These reforms also have vast implications for Ukraine’s agricultural sector.