OREANDA-NEWS  On 26 February was announced, that the Office of mass media relations of the Cabinet of Ministers of Ukraine Secretariat published a draft Joint statement on readiness for cooperation with the International Monetary Fund, approved at the Government’s sitting, signed by Prime Minister of Ukraine Yulia Tymoshenko, acting minister of finance Ihor Umanskyi and submitted for signature to the President of Ukraine Secretariat and National Bank of Ukraine.

JOINT STATEMENT

Long-term aggravation of the economic and financial conditions in the world continues to negatively affect the situation in our state. Even in the seven richest countries the economic growth is expected to fall by 1.7 percent that has not been experienced since the end of World War II. The developing countries also experience the fallout from the recession in industrialized economies and from the unprecedented global financial crisis. Ukraine has notably been hard hit by the essential decline in steel prices, the cancel of imported gas subvention, no access to the international capital market. 

Sharp deterioration in the economic conditions in neighbouring countries gives particular concern, some of these countries have already asked the IMF for help, and others experience more pressure on their national currency.

In view of a further deceleration of the economic development we have agreed to unite our efforts and fulfill our common obligation to ensure protection of the Ukrainian people from the horrendous consequences. The people are expecting that their leaders will be able to minimize a negative impact of the crisis but the critics and competitors try to take advantage of the moment and strengthen their image. But we can not allow the election policy to deepen the crisis and that’s why we promise to put an end to our quarrels.

From the very beginning of the crisis we acted resolutely to overcome the crisis fallout. We undertook to take all the measures and obtained support of the international community. We reached agreement about the IMF stand-by credit and financial aid from the World Bank and the EBRD. According to the agreement with the IMF, the recent events require adjustment in the economic policy but we keep our firm commitment to resume confidence in our macroeconomic and financial stability. Our revised economic policy aims at minimizing macroeconomic impact of the current recession and creating the conditions to revive economy and to gradually reduce inflation. 

Under extreme conditions we want to ask the EU countries and other countries of the world for financial aid. This enables us to introduce our strategy for regulating the crisis that is met with support from the IMF, other financial institutions and at the same time to minimize the negative fallout for the society as a whole. Within the context of this strategy we commit ourselves to further develop three key spheres: the tax-budget policy that would comply with available financing; step-by-step introduction of a flexible exchange rate of the national currency to alleviate the impact of external shakings on the economy; comprehensive restructuring of the banking sector aimed at resumption of the financial stability. Special emphasis will be put on transparent coordinated activity.