OREANDA-NEWS. February 24, 2011. The President of European Business Association Tomas Fiala believes that the government reforms will allow Ukraine to catch up with EU countries in terms of GDP per capita till 2020. He said that at the today’s meeting of the Prime Minister of Ukraine Mykola Azarov with the EBA and the diplomatic representatives of EU institutions.

"Also very impressive, as I said – is the program of reform and clear terms that are laid there. If you are under this program you will move efficiently, then I think that Ukraine will catch up the countries of Central Europe, which went a little ahead, by 2020"- Tomas Fiala said.

In addition, the EBA President stressed that the government could establish a dialogue with business, which still, unfortunately, was not set. Also the decision making restored process, they are taken quickly and efficiently and comments from business there are the reaction of the authorities. He said the Government carries out the sophisticated and effective budget and fiscal policy. "Fiscal policy, budget counselling, conservative fiscal policy - it may be taken as the example by many European countries, you've done this very well. I would like to emphasize that the policy of borrowing on domestic and foreign markets is also very balanced and it has ceased to "squeeze" the borrowing from private investors in external and internal markets", he stressed.

However, EBA welcomes the resumption of cooperation between Ukraine and the IMF and the readiness of the government to take unpopular decisions and the necessary reforms are long overdue in the country, and than their implementation would significantly improve the lives of citizens.

He said the government managed to stabilize the situation in the banking sector and this will boost the economy. But there is still the need to take a few laws that would protect banks, lenders, and give them the opportunity to increase their loan portfolios.

Tomas Fiala also welcomed the development and adoption of the Tax Code. "Tax Code was born quite problematic, and some first versions troubled business a little, but its final version is very positive and also positive is that your Government is ready to continue the dialogue and to make changes to the tax code" - he said.

"We are very grateful for the dialogue, which your government started, it is the second time we meet, and it helps the business to focus on what the country is going on and what to expect in the future, and facilitates decisions about investments, recruitment, and business development. Our members are interested no less than your Government in carrying out reforms in Ukraine, which will give impetus to the growth of the country", the President of the EBA concluded.

Information:
European Business Association was founded in 1999 as a forum for discussion and resolution of problems facing the private sector in Ukraine. This initiative of business people who saw the advantages and benefits of joint action of the European business community in Ukraine, was supported by the European Commission.

Today, EBA is the leading organization for foreign business in Ukraine, which unites over 800 companies, employing over a million employees.