The International Monetary Fund (IMF) has downgraded its forecast for the fall in Ukraine's GDP from 8% to 14%, IMF Mission Chief in Ukraine Ceyla Pazarbasioglu has said, Interfax-Ukraine reported.

"We have revised our forecast for the economic fall, from 8% to 14%," she said at a press conference in Kyiv on Friday.

Pazarbasioglu said the IMF had also increased the forecast for budget deficit in Ukraine from 4% to 6% of GDP on the background of Naftogaz Ukrainy's budget deficit.

The reason for the worsening GDP forecast was the slump in Ukraine's economic development in the first quarter of 2009, the IMF official said.


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