Friday, December 11, 2009

President holds meeting of the Consultative Council on Foreign Investments

"The dialogue with investors, the establishment of a legislative field that would have attracted international and national investors is very important for the economy of Ukraine ", said Victor Yushchenko in his opening remarks.

Victor Yushchenko noted that due to internal economic and political changes that have happened in the last 4 years the investment in Ukrainian economy grew from $8.6 billion (January 1, 2005 data) to $ 38 billion. During this time, he said, Ukraine has also made progress in the integration into international economic institutions. "For us, the most important document, which reflects our strategy is the economic integration into the European Union", said Victor Yushchenko. The President reminded that three-quarters of talks have been completed on the Free Trade agreement, and the talks on united energy system and joining the European Energy Association are continuing.

Victor Yushchenko praised the dynamics of cooperation between Ukraine and such global financial institutions as the International Monetary Fund and the World Bank, European Bank for Reconstruction and Development, European Investment Bank. "We currently have a key package of relations with leading financial institutions", said the President.

Among the problems that have arisen in the Government budget and privatization policies, President Yushchenko mentioned the unmanageable budget deficit, which by experts’ estimates may reach 120-130 billion.

"The problem is around 120 - 130 billion. In fact, 50% of the budget in 2009 has no real income. This is a key challenge for the prices, for social and political stability. We have one of the worst budgets – the political budget, rather than the economic, which obviously cannot be anti-recessionary budget", said the President.