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Los Angeles CA, Mar 27 (Tangible Investments) - by James O’Dell - Gold dipped modestly on Wednesday, easing $5.58 or 0.43 percent to close at $1,304.81 an ounce as the gold price continues to be driven in opposite directions by the crisis in Ukraine and the shifting timeline for higher U.S. interest rates. The price of silver slipped $0.14 or 0.70 percent to close at $19.82 an ounce.
 
The International Monetary Fund (IMF) and officials of Ukraine reached a preliminary agreement on Wednesday for a two year loan package worth up to $18 billion that is designed to keep the fledgling nation from defaulting on current liabilities while limiting further economic damage from the ongoing political crisis in the Crimean peninsula.
 
“This represents a powerful sign of support from the international community for the Ukrainian government, as we help them stabilize and grow their economy, and move their democracy forward,” said the White House. The Ukraine economy is threatening to slip back into recession for a third time in just six years.
 
The IMF agreement calls for Ukraine to cut its budget deficit to 2.5 percent of GDP by 2016 and to raise its tariffs on retail energy. Lawmakers in Kiev will vote today on the measures as part of the agreement. “Following the intense economic and political turbulence of recent months, Ukraine has achieved some stability, but faces difficult challenges,” said the IMF’s Nikolay Gueorguiev, in a statement.
 
“The country is on the edge of economic and financial bankruptcy,” said Prime Minister Arseniy Yatsenyuk in Kiev today. “This package of laws is very unpopular, very difficult, very tough. Reforms, that should have been done in the past 20 years.”

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