Ukraine should take anti-crisis measures without awaiting presidential elections, and it should reach a political compromise in tackling the crisis and restoring economic growth, World Bank Country Director for Ukraine, Belarus, and Moldova Martin Raiser has said. "Ukraine is likely to be hit by a deep recession. Delaying the time is not an effective strategy given external misbalances and the absence of access to the asset markets," he said according to Ukrinform.

Raiser said that an anti-crisis plan of measures for Ukraine should contain four key elements, particularly the appropriate and gradual implementation of macroeconomic policies in line with the IMF-supported stand-by program, the reorientation of budget expenditures towards increasing the amount of investments in state infrastructure, which promote growth and help support the real sector and employment, as well as efforts aimed at allocating funds to protect the poor and vulnerable strata of population. He also said that this plan should foresee a clear strategy to protect depositors and revive the banking sector and reforms helping facilitate access to the market and attract private investors.

"Close cooperation between the government, the president and the National Bank of Ukraine, as well as support from the Verkhovna Rada, are required for the effective implementation [of these elements]," he said.


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