NBU: New IMF program gives Ukraine’s economy a chance to survive crisis

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Open source

During an online briefing the deputy head of the National Bank of Ukraine Dmytro Sologub said that, on a par with other countries, the Ukrainian economy has a chance to survive the crisis caused by coronavirus.

Mr. Sologub noted that slowing down of the economic activity is recorded in all countries, as well as in Ukraine, but unlike previous crises, the situation in the country is much better.

“Ukraine has a chance, even in a crisis situation, it will not be much worse than in other countries. The current situation is a big difference compared to the crisis of 2009, when Ukraine’s GDP fell by almost 15%, while neighboring countries, for example, Poland, had positive growth rates and other countries about 2-3% of negative growth,” the deputy head of the National Bank said.

He emphasized that current inflation rate in Ukraine remains below 3%, and the Antimonopoly Committee understands the jumps in some prices.

Dmytro Sologub did not disclose specific figures regarding the expected growth rates of the Ukrainian economy, the level of inflation or the volume of international reserves this year, but noted that the financial regulator along with the government are working on updating forecasts.

According to another deputy head of the National Bank, Oleh Churiy, the approval of a new IMF program will allow Ukraine to survive the coronavirus crisis calmly and avoid financial-market stress.

He said that the current situation in Ukraine’s currency market has stabilized, but the regulator is ready to further support the market through the sale of foreign currency, if necessary.

“Our reserves today amount to approximately USD 25 billion. We expect positive news from the IMF,” the deputy head said.

The National Bank reminded that the Parliament needs to pass two laws (land reform and banking laws – ed.) in order to start a new IMF program.

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