It is currently popular — whether one is talking about the Fund’s role in Greece over the past five years or Ukraine now — to follow even negative assessments of the risk the IMF has taken on with a statement such as, “Of course, the Fund is a political institution and must do what its shareholders wish.” But the significant expansion of the Fund’s exposure to Ukraine approved by the executive boa [...] Given the front-loading in ravaged during the 2014 program, as the authorities failed to 2015 of the IMF’s scheduled disbursements ($10 billion of honour the agreed limit on central bank foreign exchange sales the $17 billion total), the IMF is to finance half of Ukraine’s and the commitment to a flexible exchange rate; to reduce the expected financing need in 2015, after having financed 90 public [...] Generally, the more qualifiers in the report on the risks involved in the policy program and projections, the more the 2 All figures are in US dollars. [...] GDP is projected to fall sharply prospectively in 2015) relative to the projections in the again in 2015 (this is largely preordained by the estimated year- April stand-by request and even the first review of the on-year drop in GDP in the fourth quarter of 2014 of over Stand-by Arrangement in August. [...] Second, a comparison obligations on the one hand and capital flight on the other to the of the March 2015 BoP estimates with the projections made in overall BoP deficit.