We keep the dialogue with the National Bank of Ukraine always running, IMF permanent representative in Ukraine Max Alier told the roundtable "Financial stability in Ukraine: main challenges of the second year half, ForUm correspondent reports.
"Indeed we have a fruitful cooperation, and our discussions cover all directions of the fiscal and monetary policy," the official said. "The Fund admits the significant achievements of Ukraine, including the constitutional reform, new Tax Code and the general economy growth in the region," he added.
In addition, the IMF representative pointed out the success in the reduction of the inflation rate, which has dropped to the historical low. "Whatever they say, we see positive progress in the country. But we also see the problems, current and expected. The matter does not concern exclusively internal Ukrainian problems, but external factors as well (for example the decline of the market). However, the economy growth rate in the country is slowing down in 2012, and it is not a secret. We expect the GDP growth for this year will result in 3%," Alier said.
He believes that at the same time our country needs new external borrowings because of the need to pay the old debts. According to him, “that is why Kyiv authorities should strengthen the investors’ confidence. For that, the stated reforms are to be carried out. We consider as the reasonable and rational the planned "ceiling" of the budget deficit for the general government sector by 1.8%. However, the additional income provided by the state budget may not cover the actual expenditure. For this reason, it is necessary to consider the additional measures and efforts to help sustain the stated parameters of the budget deficit and inflation,” the financier said.
Such measures may include tax increase for wealthy citizens, increase in natural gas tariffs for the citizens, elimination of the main tax benefits, reduction of some of the budget expenditures. “In general we welcome the comprehensive program of reforms aimed at improving the efficiency of economy, production and reduction of unemployment. All in all, these measures will raise living standards. We are ready to support Ukraine if it continues carrying out the adequate economic policy,” Alier concluded.
"Indeed we have a fruitful cooperation, and our discussions cover all directions of the fiscal and monetary policy," the official said. "The Fund admits the significant achievements of Ukraine, including the constitutional reform, new Tax Code and the general economy growth in the region," he added.
In addition, the IMF representative pointed out the success in the reduction of the inflation rate, which has dropped to the historical low. "Whatever they say, we see positive progress in the country. But we also see the problems, current and expected. The matter does not concern exclusively internal Ukrainian problems, but external factors as well (for example the decline of the market). However, the economy growth rate in the country is slowing down in 2012, and it is not a secret. We expect the GDP growth for this year will result in 3%," Alier said.
He believes that at the same time our country needs new external borrowings because of the need to pay the old debts. According to him, “that is why Kyiv authorities should strengthen the investors’ confidence. For that, the stated reforms are to be carried out. We consider as the reasonable and rational the planned "ceiling" of the budget deficit for the general government sector by 1.8%. However, the additional income provided by the state budget may not cover the actual expenditure. For this reason, it is necessary to consider the additional measures and efforts to help sustain the stated parameters of the budget deficit and inflation,” the financier said.
Such measures may include tax increase for wealthy citizens, increase in natural gas tariffs for the citizens, elimination of the main tax benefits, reduction of some of the budget expenditures. “In general we welcome the comprehensive program of reforms aimed at improving the efficiency of economy, production and reduction of unemployment. All in all, these measures will raise living standards. We are ready to support Ukraine if it continues carrying out the adequate economic policy,” Alier concluded.
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