Ukrainian President Viktor Yushchenko called on Tuesday for concerted action to reverse a drop of up to 30 percent in the economy which has slashed exports, jobs and living standards in the ex-Soviet state.

Ukraine's parliament gave initial approval on Wednesday to legislation needed to secure billions of dollars in aid from the IMF after the central bank said failing to act could result in default and spiralling inflation.

An aide to Ukraine's president said on Monday that Prime Minister Yulia Tymoshenko risked losing an IMF credit by attaching conditions to the adoption by parliament of financial measures required for the loan.