The World Bank has not noticed any structural reforms in the economy of Ukraine. It was revealed during the meeting between Ukraine’s Vice PM Mykola Azarov and WB Director for Ukraine and Moldova Paul Birmingham on August 31, 2006, the Cabinet press office informs.

In the course of the meeting, Mykola Azarov shared with Mr. Birmingham the main trends of the government anti-crisis program. He also revealed what had been already done in order to make a necessary balance between expenses and incomes of the State Budget.

Vice PM Azarov expressed confidence that the anti-crisis measures would help to stop stagnation and to meet the budget-2006. He holds to a belief that 2007 will be a year of stabilisation for Ukrainian economic and provide for reformation within the spheres of tax, pension, health and education.

“The Cabinet intends to implement capital modernisation of the fuel and energy complex, infrastructure and to fulfil investment projects,” Azarov stressed. He inclined that the participation of the World Bank in these projects would benefit the image of Ukraine and attract the foreign investors. According to the economic calculations, the energy modernisation needs approximately $30 milliard for 5 years and the construction of the transport corridors - $15 milliard.

Vice PM Azarov also revealed that the Cabinet plans to scale down the taxes for the business enterprises: the share of GDP transfer via the budget will be scaled down up to 29.9%, it means that gained sum (UAH 36 milliard) will be given for capitalisation of the Ukrainian enterprises.

Paul Birmingham, in turns, pointed at the lack of structural reforms in Ukraine for the last two years. “We hail the intentions of the new Cabinet which agree closely with the recommendations made by the WB experts. We also consider the state sector as a key mechanism to launch the economic growth process,” Mr. Birmingham said.

The WB Director for Ukraine and Moldova stressed that the Bank had increased the part related to the infrastructural projects within the Help Strategy for Ukraine 2004-2007. The World Bank is also willing to adapt its programs to the new priorities of Ukraine.

Mr. Birmingham wished the new Cabinet of Ukraine good luck and productive cooperation with the World Bank.


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