Thursday, February 26, 2009

President optimistic about restoring talks with the IMF

President Victor Yushchenko met today with the Ambassadors of G-7 countries to Ukraine and representatives of international financial organizations.

At the meeting sides have discussed internal economic situation in Ukraine, cooperation between Ukraine and the IMF and the World Bank, budgetary policy and measures aimed at optimizing it, etc.

“The nearest time we should dedicate to restoring dialogue with the IMF”, - said Victor Yushchenko at the meeting. He expressed assurance that conditions are suitable for Ukraine to renew the dialogue. “The Ukrainian side continuously keeps up to IMF recommendations regarding management of banking sector and monetary sector; the most vulnerable banks were inspected and the new owner for Prominvestbank was found”, - said Victor Yushchenko.

He also added that for now the IMF allows “enough flexibility”, including in budgetary deficit for Ukraine in 2009. “This gives us a chance to complete the talks successfully” – said President Yushchenko, emphasizing however that introduction of alterations to 2009 State Budget and approving of the remaining part of anti-crisis package is still on the agenda.

The President noted that overcoming crisis in Ukraine depends on whether Ukraine would be able to resume cooperating with the IMF. According to him implementation of the program, prepared for Ukraine by the IMF would also benefit cooperation between Ukraine and other financial institutions, such as the World Bank, as well as with countries of the EU and the US.

The Ambassador of the US to Ukraine William Taylor, who took part in the meeting, said that in the opinion of G-7 Countries’ Ambassadors President of Ukraine, the Prime Minister, the Verkhovna Rada and the National Bank should unite in implementation of effective policy to restore cooperation with the IMF and eventually go through the crisis and pull the country out of it.