IMF says Ukraine economy to shrink 6.5 instead of 5.0pc in 2014

KIEV: The International Monetary Fund said on Friday it expected Ukraine's economy to shrink by 6.5 percent in 2014 instead of the 5.0 percent it forecast earlier this year because of the escalating eastern uprising.

"The conflict is putting increasing strain on the (Fund's assistance) programme," the IMF said in a statement. "Economic prospects have deteriorated notably, and GDP is now expected to contract by 6.5 percent this year, compared to 5.0 percent when the programme was adopted."