Viktor Yanukovich of Ukraine was inaugurated as president on Thursday and immediately promised to tackle corruption and poverty, as well as restore political stability in order to regain foreign support for the struggling economy. Despite a disputed election against Prime Minister Yulia Tymoshenko, Yanukovich took the oath of office in a subdued ceremony that highlighted the deep divisions in the country. His inauguration marked a comeback from the humiliation he faced in 2004 during the Orange Revolution, when mass protests overturned an election that had been rigged in his favor. In his speech to officials, lawmakers, and foreign dignitaries, Yanukovich acknowledged the challenges of "colossal debts", poverty, corruption, and economic collapse, and emphasized the need for an innovative strategy to move the country forward. He mentioned the lack of foreign investment in Ukraine, the unstable business environment, and his efforts to restore political stability, fight corruption, and establish clear rules for the relationship between the state and businesses. He emphasized that these measures were crucial for building trust among investors and international financial institutions. The global economic downturn has severely affected Ukraine's economy, particularly its steel and chemical exports, leading to a significant devaluation of the hryvnia. The country relies on a $16.4 billion IMF bailout program, but lending was halted last year and will only resume once stability is restored. The finance ministry announced that an IMF technical mission is scheduled to visit on April 7th. This often results in a comprehensive visit from IMF officials, who will then determine whether to resume the program. Yanukovich, a former mechanic supported by wealthy industrialists, had a difficult upbringing in eastern Ukraine and had run-ins with the law in his youth. He is anticipated to mend relations with Russia, Ukraine's former Soviet ruler, following a five-year period of alienation during Viktor Yushchenko's pro-Western leadership. Yanukovich has suggested potential compromises with Moscow regarding the status of Russia's Black Sea fleet in Ukraine's Crimean peninsula and has proposed forming a consortium with Russia to manage the country's gas pipelines. However, he aims to revise a decade-old agreement on Russian gas supplies to Ukraine that was negotiated by Tymoshenko and Russian Prime Minister Vladimir Putin. He has promised to pursue a balanced foreign policy and is committed to strengthening relations with the European Union. In a speech on Thursday, he stated that his approach to foreign policy would involve maintaining equal and mutually beneficial relationships with Russia, the EU, and the United States in order to achieve the best outcomes for Ukraine. His website confirmed that he will be visiting Brussels next week and plans to visit Moscow in early March. Yanukovich defeated Prime Minister Tymoshenko by a narrow margin, winning the support of only one-third of the electorate. The voting results showed a clear divide between Russian-speaking voters in the east and south who supported Yanukovich, and Ukrainian-speaking voters in the west and center who voted for Tymoshenko. Tymoshenko withdrew her legal challenge to Yanukovich's election recently, but she still believes he was not fairly elected. She and most of her political allies boycotted the ceremony, making it seem empty. Despite Yanukovich's efforts to establish a strong executive power, Tymoshenko is refusing to step down as prime minister, leading to ongoing political tension. She is trying to rally support in parliament, while his party is trying to weaken her coalition and form a new one. Creating a coalition involves engaging in complex negotiations and may take a considerable amount of time. If Yanukovich is unable to form a new coalition, he will be forced to hold new parliamentary elections, leading to extended periods of uncertainty.