Good morning. We'll start the live blog today with this update from our nees desk that was issued overnight:
Ukraine's parliament has approved a budget for 2016, fulfilling a key demand of the International Monetary Fund (IMF) that enables it to keep providing Kyiv with loans.
Lawmakers approved a series of tax reforms and tax increases, reducing the tax on employers, unifying the tax rate on personal income, and increasing excise taxes on tobacco, fuel, and alcohol, with the goal of balancing the budget.
The reforms were contentious. Many deputies argued that they unfairly increased prices for Ukrainians who are already struggling to make ends meet during a deep economic recession.
The IMF had warned it was critical to approve a budget that complied with the Fund's $17.5 billion bailout program before it would provide Kyiv with a third, $1.7 billion loan installment.
It was not immediately clear whether the budget met all the IMF's requirements.
Parliament approved a budget with a deficit at 3.7 percent of economic output, the figure agreed with the IMF and one of its key demands.
But Ukraine had promised to adopt permanent tax reforms, and the tax changes adopted December 24 were only temporary, with more action promised later.
(Reuters, TASS)
This ends our live blogging for December 24. Be sure to check back tomorrow for our continuing coverage.
Ukraine votes to allow trade embargo against Russia:
Ukraine's parliament has voted to allow the government the right to impose a trade embargo against Russia.
The law was supported by 291 of the parliament's 420 lawmakers on December 24 and will come into force once it is signed by the president.
Last week, Russia canceled its free-trade zone with Ukraine and banned Ukrainian food imports.
Ukraine will enter a free-trade agreement with the European Union next year. (Reuters, Interfax)