FT Interview with
Hryhoriy Nemyria
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YULIA TYMOSHENKO
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Ukraine Counting On IMF Cooperation
17 February 2009
Published in
Inform
issue #103
See the full issue here.
Ukraine’s government has expressed its eagerness to continue dialogue with the International Monetary Fund (IMF). On Friday, Prime Minister Yulia Tymoshenko summed up the government’s position by saying “Ukraine was counting upon further cooperation with the IMF.”
Speaking after a meeting with Japanese business leaders the premier remarked, “We are convinced that the programme of cooperation, which was opened on the basis of Ukraine being granted financial tranches from the IMF, will be furthered.”
The day before, IMF spokesman David Hawley said that discussions with the government were continuing over “the need to find agreement on how to contain the general government deficit in 2009." Mr Hawley appealed for “strong crisis management” and noted that Ukraine’s approaches to foreign states for loans would only temporarily alleviate the country’s financial difficulties.
See the full issue here.
Ukraine’s government has expressed its eagerness to continue dialogue with the International Monetary Fund (IMF). On Friday, Prime Minister Yulia Tymoshenko summed up the government’s position by saying “Ukraine was counting upon further cooperation with the IMF.”
Speaking after a meeting with Japanese business leaders the premier remarked, “We are convinced that the programme of cooperation, which was opened on the basis of Ukraine being granted financial tranches from the IMF, will be furthered.”
The day before, IMF spokesman David Hawley said that discussions with the government were continuing over “the need to find agreement on how to contain the general government deficit in 2009." Mr Hawley appealed for “strong crisis management” and noted that Ukraine’s approaches to foreign states for loans would only temporarily alleviate the country’s financial difficulties.
He did however indicate that a loan such as the $5
billion being sought by the government could allow
a high deficit to be considered. He said this
“could help boost domestic demand and smooth the
economic adjustment.”
Meanwhile, in her meeting with representatives from Japanese corporations (such as Sumitomo, Marubeni, Mitsubishi, Itochu, Sojitz and Mitsui), Ms Tymoshenko praised the Japanese government’s agreement to loan the IMF $100 billion over the next 5 years. According to the premier, this was a most welcome development as the funds could be used to assist countries ravaged by the global financial crisis.
Arigato Nippon
In her meeting with Japanese executives, the premier outlined a series of investment opportunities. She noted that democracy was developing successfully in Ukraine and that this, coupled with improved transparency in business dealings, gives Ukraine an advantage over some other countries in the region. "Ukraine can be a country that could answer many questions for Japan," she said.
The premier called for the businessmen to propose investment plans for existing and new projects, outlining some 29 projects totaling $6 billion. In addition, she talked about 358 projects earmarked for green investments to the tune of $10 billion. To attract investment the government is prepared to eliminate red tape by simplifying bureaucratic procedures.
Projects discussed included privatisation of thermo-nuclear power plants, upgrading metallurgical enterprises, investment in renewable energy initiatives such as solar power and wind turbine plants, and agricultural projects. Japan currently imports around 60 percent of it agricultural needs.
“Engaging in such projects will make Ukraine a stronger, more confident country and would assist us to overcome the global economic crisis,” said Ms Tymoshenko.
Meanwhile, in her meeting with representatives from Japanese corporations (such as Sumitomo, Marubeni, Mitsubishi, Itochu, Sojitz and Mitsui), Ms Tymoshenko praised the Japanese government’s agreement to loan the IMF $100 billion over the next 5 years. According to the premier, this was a most welcome development as the funds could be used to assist countries ravaged by the global financial crisis.
Arigato Nippon
In her meeting with Japanese executives, the premier outlined a series of investment opportunities. She noted that democracy was developing successfully in Ukraine and that this, coupled with improved transparency in business dealings, gives Ukraine an advantage over some other countries in the region. "Ukraine can be a country that could answer many questions for Japan," she said.
The premier called for the businessmen to propose investment plans for existing and new projects, outlining some 29 projects totaling $6 billion. In addition, she talked about 358 projects earmarked for green investments to the tune of $10 billion. To attract investment the government is prepared to eliminate red tape by simplifying bureaucratic procedures.
Projects discussed included privatisation of thermo-nuclear power plants, upgrading metallurgical enterprises, investment in renewable energy initiatives such as solar power and wind turbine plants, and agricultural projects. Japan currently imports around 60 percent of it agricultural needs.
“Engaging in such projects will make Ukraine a stronger, more confident country and would assist us to overcome the global economic crisis,” said Ms Tymoshenko.