The country faces severe balance-of-payments crisis.

This comes after IMF expressed dissatisfaction over initial budget. 

Govt announces special bank holiday to avoid market volatility. 

They say it provides Asian countries with better alternative during crises.

'IMF loan would have exposed cronies and corruption.'

IMF staff believe Ukraine can meet debt sustainability requirements.

UPDATED 11.50PM | IMF initially not inclined to grant request.

The decision to meet virtually, rather than in person in Washington, is widely expected given rising infections in the US and continuing travel restrictions.