“Debt operations,” an overly optimistic spending plan, tough reforms, the threat emanating from the east and intensified infighting between various Ukrainian factions are all part of Ukraine’s new reality. While these things don’t stoke optimism, there are nonetheless positive developments. There is, for example, a significant improvement in Cabinet personnel policy. We have observed dozens of promising people joining the government, which creates a strong foundation for real fundamental changes. Another positive development is the IMF support Ukraine received recently, though it was designed so that a new tranche will be badly needed very soon. More about economic perspectives, please, read at our last quarterly report “Challenging Times”. The full report could be obtained through subscription at Global Source (www.globalsourcepartners.com). Trial access is available.