Speaking to CNBC in Kiev, Shymkiv said there was hope that the IMF would give the go-ahead to the aid and the money could be released to Ukraine by early March.  Read MoreWhat is Russia's Vladimir Putin playing at?  Ukraine's conviction that it won't default was echoed by the director of the monetary policy and economic analysis at the National Bank of Ukraine, Sergey Nikolaychuk.  "I strongly believe we will not default in two weeks," he told CNBC.  Given Ukraine's ongoing military conflict with Russia, and the failure of the ceasefire between the parties, the economic decline does not look like it could reverse any time soon.  Ukraine's currency plunged to record lows on Monday, prompting the government to step rengthen currency controls. On Tuesday, the Ukranian hyrvnia had weakened further to close at 33 against the dollar but it had strengthened Wednesday, at 27.5 to the dollar.  To put the currency's decline into context, however, in the last six months the hyrvnia has depreciated over 100 percent against the greenback, as the conflict with Russia has intensified.  "The current level (of the hyrvnia) is definitely very far from the fundamentals," Nikolaychuk told CNBC, adding that the currency turmoil is down to the "uncertainty related to the future development of the military conflict."  On Wednesday, the central bank stepped up controls by preventing banks from buying foreign currency for clients and limiting what they could buy for themselves.  The currency crisis has sparked protests. On Tuesday, crowds gathered outside the central bank to protest the hyrvnia's decline.  But Ukraine's problems could get a lot worse if Russian energy giant Gazprom follows through on its threats and switches off the country's crucial gas supplies.  Gazprom, which is partly state-owned, said on Tuesday that Ukraine had failed to pre-pay for its gas on time and if it did not pay up, its supply would be cut off in two days, according to Russian news agency RIA Novosti.  Denying the accusation on Tuesday, Naftogaz, Ukraine's oil and gas provider, said in a statement on its website that Gazprom had not fulfilled pre-paid orders for the past two days and had broken contractual terms.  (The energy company said it will not be in a position to make an additional advance payment for supply of Russian gas until it receives assurances that Gazprom would abide by its agreement.
With reports that Ukraine's gas supply could be turned off imminently and fears that it is facing bankruptcy, Ukraine is desperate for IMF aid.