In Ukraine, No Alternative to Painful Reforms - Timothy Ash

Currently, Ukraine has the most competent reform team the country has seen in 20 years, said Timothy Ash, the head of Emerging Markets Research ICBC- Standard Bank.

The recent package of reforms- ranging from pension cuts to tax on utilities- is painful, but necessary for the country to move forward, Ash said. The new reform package will also insure that Ukraine receives another tranche of aid money from the International Monetary Fund.

However, until the conflict stabilizes in the country's east, it will be very difficult to stabilize the hryvnia, Ukraine's currency. The value of hryvnia has everything to do with the perceived political and military climate.

"Ukraine could be the next Poland," said Ash, but first the country will have to stay the course with reforms.

Hromadske International hosts Ian Bateson and Nataliya Gumenyuk spoke with Ash on Sunday, March 8, 2015 via Skype.