Ukrainian Economy is Recovering After the Crisis - Head of IMF Staff Mission

By Worldwide News Ukraine, PRNE
Sunday, February 6, 2011

KYIV, Ukraine, February 7, 2011 - The Ukrainian economy is recovering after the crisis, and the
tendency for economic growth is becoming evident, according to the IMF
Mission Chief for Ukraine Athanasios Arvanitis.

"Indeed, the mission sees that Ukraine has made a considerable
progress," said Athanasios Arvanitis at his meeting with the Prime Minister
of Ukraine Mykola Azarov.

"We appreciate the establishment of financial stability in
Ukraine, however, one should keep in mind that last year was very difficult.
Now the banking system is regaining confidence. Also, the inflow of deposits
into Ukrainian banks starts to grow again," stated the head of the IMF Staff
Mission to Ukraine.

Mykola Azarov highlighted that the head of the IMF Mission to
Ukraine "positively regarded the social and economic development (in Ukraine.
- Ed.) in 2010."

Earlier, at the meeting with the head of the National Bank of
Ukraine, Athanasios Arvanitis stressed that Ukraine had successfully
implemented most of the requirements according to the Stand-By Arrangement.
The head of the IMF Mission to Ukraine also stated that thanks to the mutual
efforts of the National Bank of Ukraine and the Ukrainian government it
became possible to bring the inflation rate down to less than 10 per cent.

Earlier, in the course of the Yalta Forum organized by Yalta
European Strategy, the Head of the International Monetary Fund, Dominique
, mentioned, that "Ukrainian economy has returned to the right
path, and, among others, the IMF is to thank."

However, the Prime Minister of Ukraine mentioned, that "we
(Ukraine. - Ed.) are experiencing serious difficulties because of the
uncertainty in the global market. The plans we have made together with the
IMF, primarily concerning the economic development, can become a subject to
change in case domestic market fails to function at an expected pace."

The International Monetary Fund approved a 2 1/2-year, $15.2
SBA loan program for Ukraine in July 2010. Respectfully, Ukraine
undertook a number of steps aimed at reforming the country to bring more
financial stability.

For more information, please contact Maryna Khorunzha, +380509151565, news at, Project Manager at Worldwide News Ukraine

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