Economic reforms implemented by the government of Ukraine are a sign of unity among the political elite in that country in the face of a looming economic crisis, according to Anders Åslund, a prominent economist and Senior Fellow at the Peterson Institute for International Economics.

The decline of the Ukrainian currency, hryvnia, at the end of February sparked fears that the Ukrainian economy was on the brink of collapse.

Åslund, however, saw a glimmer of hope in the economic reforms undertaken by the government in Kyiv to meet the qualifying requirements of the International Monetary Fund (IMF) bailout package. These reforms include approval by Ukraine’s Parliament of a plan to cut social assistance programs.

Prospects for the Ukrainian economy are not as grim as they seem: the IMF-approved funding will bolster Ukraine’s foreign reserves and will allow the country to stabilize currency, Åslund said in a conference call hosted by the Atlantic Council’s Dinu Patriciu Eurasia Center on March 3.

Aslund also discussed the recently passed Ukrainian budget and negotiations with the IMF.

Andrea Montanino, Director of the Council’s Global Business and Economics Program and John E. Herbst, Director of the Council’s Dinu Patriciu Eurasia Center, hosted the call.