Ukraine and Belarus seek loans to ride out COVID-19

Significance

Both governments hope to benefit from IMF and EU emergency funding through the COVID-19 crisis. In addition, Ukraine is still working on persuading the IMF that it deserves a longer-term loan.

Impacts

• The EU's Eastern Partnership will gain new relevance by assisting post-Soviet members in time of crisis.
• After one Eurobond issue in January, Ukraine does not plan further foreign-currency placements this year.
• Belarus's willingness to talk to the IMF will not alter its erratic course of fluctuation between Russia and the EU.