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This paper discusses issues related to the gas arrears ‘crisis’ in Ukraine. It concludes that the problem, which can be traced to policy distortions, can be contained through an acceleration of structural reforms. The paper examines the nature of the contractual relations between Ukraine and its foreign suppliers; the role of the de facto government guarantee for gas import payments; the process of imposing financial discipline on non-payers; the nature of gas-related subsidy schemes; and the methods used in calculating domestic energy prices. An Appendix derives lessons from the Estonian case--an economy which, despite relatively similar initial conditions, avoided the emergence of energy payment difficulties. This is a Paper on Policy Analysis and Assessment and the author(s) would welcome any comments on the present text. Citations should refer to a Paper on Policy Analysis and Assessment of the International Monetary Fund, mentioning the author(s) and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.

Exports and Imports --- Public Finance --- Taxation --- International Lending and Debt Problems --- Trade Policy --- International Trade Organizations --- Trade: General --- National Government Expenditures and Welfare Programs --- Studies of Particular Policy Episodes --- Taxation, Subsidies, and Revenue: General --- Gas Utilities --- Pipelines --- Water Utilities --- Socialist Systems and Transitional Economies: General --- International economics --- Public finance & taxation --- Arrears --- Tariffs --- Imports --- Import payments --- Social assistance spending --- External debt --- Taxes --- International trade --- Expenditure --- Debts, External --- Tariff --- Expenditures, Public --- Ukraine

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The paper considers investment and growth in the Middle East and North Africa (MENA) region. Notwithstanding cross-country differences, investment as a whole has been too low, too heavily tilted toward the public sector, too highly dependent on external influences, and less productive than in many other regions. Improving the region’s investment performance is critical if policymakers are to succeed in increasing the region’s economic growth rate. After discussing the relationship between investment and growth, the paper analyzes the investment responsiveness of various countries in the region and notes the policy priorities for strengthening the basis for rapid and sustained economic growth.

Exports and Imports --- Investments: General --- Investments: Stocks --- Public Finance --- Production and Operations Management --- Firm Behavior --- Investment --- Capital --- Intangible Capital --- Capacity --- Economic History: Macroeconomics --- Growth and Fluctuations: Asia including Middle East --- Macroeconomic Analyses of Economic Development --- Economywide Country Studies: Asia including Middle East --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- International Investment --- Long-term Capital Movements --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Macroeconomics --- Investment & securities --- Finance --- Public finance & taxation --- Stocks --- Capital productivity --- Private investment --- Foreign direct investment --- Public investment spending --- Financial institutions --- National accounts --- Production --- Balance of payments --- Expenditure --- Saving and investment --- Investments, Foreign --- Public investments --- Egypt, Arab Republic of

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