Ukraine posted zero economic growth over 2012 and 2013 because serious macroeconomic and structural weaknesses remain unaddressed. A combination of de-facto fixed exchange rate policy, loose fiscal policy together with considerable quasi-fiscal subsidies in the energy sector has led to further widening of the budget and the external imbalances and threatens sustainability.
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Executive Directors approved the loan to
Ukraine for the Second Road and Safety Improvement Project
in the amount of US$ 450 million on the payment terms and
conditions... Show More + set out in the President's Memorandum.
Directors expressed support for the project, noting its
consistence with the FY 12-16 country partnership strategy
(CPS) objectives and priorities. Directors also noted the
harmonization of the Bank's involvement in
Ukraine's road sector toward building economic and
financial sustainability and improving road safety.
Directors stressed the importance of sustaining sufficient
financing for maintenance of the road sector. In this
regard, Directors underscored the need for an increased role
of the private sector. Directors welcomed the incorporation
of an updated Governance and Anti-Corruption Plan. Beyond
the project, Directors encouraged close collaboration and
cooperation with the International Monetary Fund (IMF). Show Less -
This study examines modern state of
economic relations between Ukraine and the European Union
(EU), describes current negotiations on a deep and
comprehensive free trade... Show More + area. Special attention is paid to
the costs and benefits of implementation of EU's acquis
communautaire in the field of corporate law and competition
policy, liberalization of capital flows, regulation of
financial intermediation and harmonization of environmental
standards. Comparative analysis of certain free trade
agreements with EU participation is an important part of the
study. The rest of the report is organized as follows.
Section two gives the overview on the EU-Ukraine economic
relations. Section three is devoted to the current Free
Trade Agreement (FTA) negotiation rounds and process.
Section four contains stock taking on implementation of
existing Ukraine's commitments in the framework of the
world Trade Organization (WTO) and cooperation with the EU.
Section five contains costs and benefits analysis of several
specific topics of the potential FTA, namely implementation
of company law and competitions policies, liberalization of
capital flows, financial intermediation issues, and
harmonization across environmental standards. Section six
briefly discusses several EU FTA agreements aiming at
identification of issues, on which the EU could insist. Show Less -