The IMF still reserves the right to think

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IMF European department mission which finished today work in Ukraine under the chairmanship of madam Dzheyly Pazarbaziolu, publishedpress - release by results of the work.Mission emphasizes that the positive conclusion is made on revision of the program at a technological level while the final decision on allocation of the third tranche to Ukraine of 3.3 billion dollars will be made by Board of directors.

At the same time mission of the IMF notes dependence of granting the third tranche on performance by the Ukrainian party of certain obligations. The press - release notes that "completion of the second revision by Board of directors will cause granting to Ukraine of a tranche of financing of 2,125 billion SPZ (about 3.3 billion dale. The USA) on condition of implementation of preliminary measures". The press - release doesn't provide the list of such actions, however notes that "for completion of the second revision of the program it is necessary that the Parliament accepted changes to the legislation, directed on strengthening of legislative base for the solution of problems of banks".

Mission notes that "macroeconomic and financial policy in Ukraine as a whole took root according to the plan. Quantitative criteria of efficiency of rather monetary base, net international reserves and balance of means of the general sector of public administration as of the end of May it was executed. The power reached good results in the solution of questions of system problem banks and development of the changes connected with this question to the legislation".

At the same time, notes the IMF though "financial intensity was weakened, however - as well as in other countries of the region - economic recession appeared more notable, than it was expected".In this regard the IMF for the first time officially published components of the revised macroeconomic forecast for Ukraine according to which "real gross domestic product in 2009 on expectations can be reduced by 14 percent against 8 percent which were predicted during the first revision of the program". Such "more notable reduction will make the contribution to fast improvement of balance of the account of the current operations, however, and further will weaken a situation with the Government income", it is noted in a press - release of mission of the IMF. At the same time, "dynamics of inflation was better than expectation".

The IMF also reconsidered "a target indicator of deficiency of the general sector of public administration for 2009, having replaced it from 4 percent with 6 percent of gross domestic product to what it is necessary to add deficiency of NAK Naftogaz Ukrainy in volume of 2.6 percent of gross domestic product".

The IMF also reported about the obligations assumed by the government relatively:

· quarterly increase of tariffs for gas, with providing thus effective system of social protection;

· elimination of a structural imbalance in a financial position of NAK "Naftogaz" and

· improvement of efficiency of corporate governance by the company.

The IMF notes that presidential election in Ukraine shouldn't become on a way of successful implementation of the program. "Extremely important, - notes Fund, - that the power of Ukraine introduced everything measures - including during approach of presidential election are necessary - to hold development of fiscal processes according to target indicators of the program. It is also extremely important to provide advance in the field of the tax and pension reform, declared for 2010. These reforms will promote ensuring fiscal stability on medium-term prospect and will help economy to leave crisis".


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