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Ukrainian Parliament To Hold No-Confidence Vote

Eclipsed? Prime Minister Yulia Tymoshenko

Eclipsed? Prime Minister Yulia Tymoshenko

Parliament in Ukraine will hold a vote of no-confidence today in the government of Prime Minister Yulia Tymoshenko.

On Tuesday, Tymoshenko lost the support of factions in her ruling alliance.

Passing the no confidence vote will allow Viktor Yanukovych -- who beat Tymoshenko in the recent presidential runoff -- to form a new government.

The various parliamentary factions have 30 days to form a new coalition and 60 days to form a new government.

If they fail, Yanukovych has the right to call a new parliamentary election.

Analysts say Ukraine urgently needs political stability to deal with the economic crisis and restart talks with the International Monetary Fund on a $16.4 billion bailout package.

Deputy Finance Minister Oleksander Savchenko said on Tuesday he did not expect IMF funds to be freed up before the second half of the year.

He said that left a hole of $3-5 billion per quarter that Ukraine will need to fill to cover government spending and debt payments.

compiled from agency reports