Ukraine’s Economic Turnaround c. 2000

From The Russo-Ukraine War: The Return of History, by Serhii Plokhy (W. W. Norton, 2023), Kindle pp. 56-57: In the fall of 1999, as Yeltsin was getting ready to step down and promote Putin as his successor, the president of Ukraine, Leonid Kuchma, was preparing to run for a second term. During his first term he had managed to stabilize the Ukrainian economy by launching large-scale privatization and working closely with Western donors, especially the International Monetary Fund. Kuchma had also brought Ukrainian politics into temporary equilibrium by adopting a new constitution that introduced a power-sharing agreement between president and parliament. Yet the system was anything but stable, as the two political actors did not agree on the political and economic direction of the country. The global financial crisis of 1997 and the Russian default of 1998 hurt the Ukrainian economy, enhancing the position of the communists as the most powerful parliamentary faction. In the…