Ukraine has a comprehensive plan of action in case the negative external effects on the economy of Ukraine happen, Governor of the National Bank of Ukraine Serhiy Arbuzov said in an interview with "Fluent In Foreign" American title.

Estimating the development of the economic situation in Ukraine the official noted that the authorities have managed to achieve significant progress in the implementation of a comprehensive strategy.

"Now we follow the large-scale transformation of all aspects of the economy and the social sphere. We introduce pension, customs, and tax reforms that are materializing into real results. Deregulation of the economy is taking place. The reform of the judicial system and criminal justice as well, is under the process of implementation. The National Anti-Corruption Strategy for the years 2011-2015 is approved. This year new laws to fight corruption started to operate. New Labor Code is under the process of development," Arbuzov said.

According to him, Ukraine has reached certain success in macroeconomic sphere as well.
"According to our estimates, in 2012 Ukraine’s economy will grow by 2-3%. As a result of stabilization in the sphere of public finance, deficit of the State budget will amount to 1.8% of GDP. The level of inflation for the second year in a row beats minimum historical records, now it is 0, 6% in annual terms. Our inflation forecast for this year is about 5%. For Ukraine, it is an extremely good result. The National Bank of Ukraine will continue to make all the efforts to keep inflation stable at a low-level," the NBU governor said.

Arbuzov admitted that the development of economic situation in Ukraine is to a large extent dependent on external factors, but assured that "together with the Government, NBU is following the developments in the global financial markets, and has a comprehensive plan of action in case the negative external effects on the economy of Ukraine happen."

Read the full interview here


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