The bank, one of Ukraine’s key creditors, downgraded its outlook for the decline of Ukraine’s GDP in 2015 to 5%, compared to the 3% it projected in September 2014, according to the bank’s January report.

The EBRD pointed to the very low level of foreign exchange reserves Ukraine possesses as of the beginning of 2015, large amounts of external financing needs, uncertainty in international financial assistance provision, and the ongoing hostilities in Donbas as the reasons for the downgrade.