Ukraine announced on Monday a sharp revision of this year's economic forecast from 3.7 percent growth to a 3.9 percent contraction due to the novel coronavirus. "These changes are the result of a considerable global economic downturn" due to the pandemic and drastic prevention measures, the government said in a statement. The inflation rate was also revised from 5.5 percent to 8.7 percent, though the government still hopes to return to economic growth in the second half of the year. President Volodymyr Zelensky warned a default was possible and urged lawmakers to adopt legislation required by the International Monetary Fund to resume vital financial aid. One bill is on opening the country's agricultural land market while the second would prevent Ukraine's top oligarch Igor Kolomoisky from overturning the nationalisation of Privatbank, the largest lender. "It is very important for us that we really have signed the memorandum with the IMF," Zelensky told lawmakers. "Today, it is vital to support our economy." During an extraordinary session on Monday, parliament replaced health and finance ministers who were criticised for their slow approach to the coronavirus crisis. Later in the day parliament is expected to consider the laws required by the IMF. ant-dg/ma/rl