Ukraine: Stand-By Arrangement: Review Under the Emergency Financing Mechanism

Author: International Monetary Fund

Volume/Issue: Volume 2009 Issue 017

Publication date: January 2009

ISBN: 9781451839159

$20.00

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Topics covered in this book

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Banks and Banking , Money and Monetary Policy , ISCR , CR , bank , hryvnia , bank share , bank recapitalization scheme , bank recapitalization program , public finance , goods terms of trade , terms-of-trade shock , exchange rate volatility , credit portfolio , Exchange rate flexibility , Exchange rates , Currencies , Exchange rate arrangements , Exchange rate policy , Western Europe , Global

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Summary

This paper discusses key findings of the two-year Stand-By-Arrangement for Ukraine under the Emergency Financing Mechanism. Output growth is turning negative on the back of a large terms-of-trade shock and the ongoing credit crunch. The deterioration of the economic and financial situation is contributing to an increase in program implementation risks. Policy implementation is in line with the program. The authorities have introduced a flexible exchange rate regime, tightened monetary policy, and have taken measures to contain the 2008 government deficit.