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IMF says Ukraine’s economy on upswing

April 14, 2010

The International Monetary Fund has noted that the economic situation in Ukraine is improving, according a statement by IMF permanent representative in Ukraine Max Allier. This was in a wrap-up statement issued by the IMF’s Ukraine office in Ukraine regarding the Fund’s latest working mission in Ukraine.

“During March and April, the IMF mission led by Tanos Arvanitis came to Kyiv to review economic policies that the IMF might be inclined to support under its stand-by agreement with Ukraine,” says Mr. Allier. “Based on the mission’s conclusions, the economic forecast for Ukraine has improved and there are signs of a gradual return to economic growth. The deficit in the current account has gone down, the exchange rate of the national currency is generally stable, and base inflation, although still high compared to many other countries, is shrinking.”

Mr. Allier added that the mission had achieved considerable progress in understanding what the priorities are for the Government in terms of the 2010 Budget. Considerable progress was reached in determining measures to increase long-term confidence in the banking system, including through a timely completion of recapitalization among banks and a subsequent improvement of the legislative base.

“Still, a number of issues, including those related to fiscal policy, remain unresolved,” says Mr. Allier, “and we will continue discussing these matters over the coming week.”

Tags: IMF, economy