July 8, 2011
Another lesson from eastern Europe on how to implement unpopular reform. Just do it – and blame the IMF and the markets.
Ukraine’s parliament, in a late-night session on Thursday-Friday, hiked the retirement age for women from 55 to 60 as part of pension reform legislation needed to unfreeze a $15bn International Monetary Fund loan program that has been frozen since March.
Viktor Yanukovich, Ukraine’s president, is expected to sign into law the reform, which is key to improving the public finances and international credit ratings for a country which is still recovering from a 15 percent drop in gross domestic product during the 2009 global recession.
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