Ukraine`s parliament has given initial approval to a package of bills needed to receive an emergency loan from the International Monetary Fund, according to Forbes.

The government hopes the $16.5 billion loan will help avoid a meltdown as it struggles to defend the fallen national currency and a shaken banking sector.

Lawmakers approved the series of laws in the first of the two required readings Wednesday, after being paralyzed for nearly two weeks due to a political standoff.

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Ukraine`s Central Bank chief warned Wednesday that big Ukrainian banks and corporations could default on their debt to foreign lenders if the IMF money doesn`t come through. A presidential aide said Ukraine will plunge into a recession next year with a negative two percent growth.