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IMF: Default no longer an "unlikely event" for Russia.

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IMF Managing Director Kristalina Georgieva said that the IMF predicts a deep recession of the Russian economy. In addition, Georgieva highlighted that the IMF does not have any interactions with the Russian Government and its Moscow office is non-operational at the moment.

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The Kyiv Independent news desk

We are the news team of the Kyiv Independent. We are here to make sure our readers get quick, essential updates about the events in Ukraine. Feel free to contact us via email with feedback and news alerts.

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The budget foresees Hr 4.8 trillion ($115 billion) in expenditures and Hr 2.9 trillion ($70 billion) in revenues — meaning a deficit of 18.5% of GDP, according to Kyiv-based think tank Center for Economic Strategy (CES).

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