KIEV, Ukraine, July 16 (UPI) -- The Ukrainian government was forced to raise natural gas prices by 50 percent in order to stabilize the economy, financial analysts said.
Kiev pushed an austerity measure through Parliament that the government needs to tap into a $14.6 billion loan from the International Monetary Fund, the Financial Times reports.
The measure includes a 50 percent rise in the price of natural gas for Ukrainian consumers.
Ukrainian President Viktor Yanukovych has faced a backlash from opposition leaders who complain he is pursuing an authoritarian agenda during his brief tenure.
Ukrainian political analyst Vadym Karasiov told the Times that the pro-Russian government in Kiev had little choice, however.
"Accepting the IMF conditions hurts his popularity, but Mr. Yanukovich's team has little choice to do so in order to keep the country financially stable," he said.
Kiev called on the IMF for support in 2009 as the country battled to pay its monthly natural gas debts to Russian gas monopoly Gazprom.
Gazprom in early 2009 cut gas supplies briefly to Ukraine during a row over gas prices and debt. An April measure reached by Yanukovych secures gas at a discount in exchange for an extended lease for the Russian Black Sea fleet in Crimea.
Opposition lawmakers in Kiev caused costly internal damage to the building housing the Parliament during debates over the April measure.
