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UKRAINE--ECONOMIC CONDITIONS --- UKRAINE--ECONOMIC POLICY --- UKRAINE--POLITICS AND GOVERNMENT

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This first OECD Economic Survey for the Ukraine reviews recent economic developments and points out key economic challenges that Ukraine faces in the medium-term, including reducing barriers to economic growth though institutional and regulatory reform and raising competitiveness. The Survey makes a series of Recommendations.

Competition -- Ukraine. --- Ukraine -- Economic conditions -- 1991-. --- Ukraine -- Economic policy -- 1991-. --- Ukraine --- Economic conditions. --- Economic policy.

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EXECUTIVE SUMMARY The first review discussions took place in a context of heightened geopolitical tensions and deepening economic crisis. Intensification of the conflict in the East and escalation of the gas dispute with Gazprom, two of the key risks identified at the time of the program request, have materialized. These developments have affected confidence, balance of payment flows, economic activity, and budget execution. The banking sector has had to cope with larger-than-anticipated deposit outflows, and the exchange rate has depreciated more than expected at the time of the program request. The authorities have implemented policies broadly as agreed, but significant pressures have emerged. All but one performance criteria for end-May were met and all structural benchmarks have been implemented, albeit some with a delay. However, the deterioration in the economic outlook, fiscal and quasi-fiscal pressures, and heightened balance of payment difficulties are putting the initial program targets in jeopardy. Two end-July PCs are estimated to have been missed; and the end-2014 targets are out of reach. All continuous PCs were met. Discussions focused on the appropriate policy response to these short-term pressures and on reforms to support sustained growth. There was agreement that the policy effort should focus on compensatory measures to meet key program objectives, while allowing some temporary deviations from the initial targets. In particular, the NBU will limit the decline in reserves through market purchases; the government will take additional fiscal measures to keep public finances sustainable; and Naftogaz will strengthen current and past gas bills collection. Discussions also focused on reforms aimed at modernizing the monetary policy framework, preserving financial stability, addressing governance issues and improving the business climate. Nonetheless, risks loom large. The program hinges crucially on the assumption that the conflict will begin to subside in the coming months. Should active fighting continue well beyond that, the small buffers under the revised baseline would be quickly exhausted, requiring a new strategy, including additional external financing. A further heightening of geopolitical tensions could also have significant economic consequences. Domestically, policymaking may become more difficult in case of early elections. Strong policy performance and adherence to the planned reforms is therefore critical. Staff supports the authorities’ request for completion of the first review and the waivers for nonobservance and applicability of performance criteria. The purchase released upon completion of the review would be in the amount of SDR 0.914 billion, of which SDR 0.650 billion will be used to finance the budget deficit.

Financial crises -- Ukraine. --- Fiscal policy -- Serbia. --- Foreign exchange rates -- Ukraine. --- Global Financial Crisis. --- International Monetary Fund -- Ukraine. --- International Monetary Fund. --- Monetary policy -- Ukraine. --- Ukraine -- Economic conditions. --- Ukraine -- Economic policy. --- Ukraine

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 This review addresses the territorial dimension of a range of policy challenges in the Ukraine, including Urkraine's productivity challenge, large inter-regional disparities, and need for decentralisation.

Economic development. --- Regional planning -- Ukraine. --- Ukraine -- Economic conditions. --- Ukraine -- Economic policy. --- Regional planning --- Sustainable development --- Ukraine --- Economic conditions --- Economic policy --- Development, Sustainable --- Ecologically sustainable development --- Economic development, Sustainable --- Economic sustainability --- ESD (Ecologically sustainable development) --- Smart growth --- Sustainable economic development --- Regional development --- State planning --- Environmental aspects --- Government policy --- Economic development --- Human settlements --- Land use --- Planning --- City planning --- Landscape protection

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This paper discusses Ukraine’s Request for Extended Arrangement Under the Extended Fund Facility (EFF) and Cancellation of Stand-by Arrangement (SBA). Despite tangible progress under the SBA, the crisis in Ukraine has increased its balance of payments and adjustment needs beyond what can be achieved under the current program. The authorities’ new four-year IMF-supported program aims to decisively address these challenges. The program lays out a strategy to restore financial and economic stability and resolve long-standing structural obstacles to growth. In view of Ukraine’s large external financing needs and the authorities’ strong policy commitments, the IMF staff supports approval of Ukraine’s four-year Extended Arrangement under the EFF with access equivalent to SDR 12.348 billion.

Economic development -- Ukraine. --- International Monetary Fund -- Ukraine. --- Ukraine -- Economic conditions. --- Ukraine -- Economic policy. --- Banks and Banking --- Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- Public Finance --- Inflation --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Price Level --- Deflation --- Taxation, Subsidies, and Revenue: General --- Currency --- Foreign exchange --- International economics --- Public finance & taxation --- Banking --- Macroeconomics --- Monetary economics --- Public debt --- External debt --- Exchange rates --- Prices --- Revenue administration --- Debts, Public --- Debts, External --- Banks and banking --- Revenue --- Ukraine