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Ukraine Economy

  • Date Submitted: 03/02/2011 10:52 AM
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Overview Ukrainian Economy
POLITICS AT A GLANCE

CB RICHARD ELLIS

H1 2010

Quick Stats
Change from H2 ‘09 GDP Unemployment H1 ‘09

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The period following the election of Victor Yanukovych as Ukraine’s new president was unexpectedly mild. The decision by Ms. Tymoshenko, the former prime-minister and main rival of the current president, to abandon a challenge to the result and withdraw her complaint from the Supreme Court has helped remove some of the uncertainties about prolonged power transition. Other sources of instability, such as possible dissolution of Parliament were also removed given that Mr. Yanukovych has been very quick in forming a new coalition and appointing the prime-minister. Although the legality of the ruling coalition was doubtful, the Constitutional Court later confirmed its legitimate status. Negotiations with the International Monetary Fund (IMF) entered a new phase with a broad agreement to replace the initial $16.6 billion stand-by program (of which Ukraine received almost $11 billion) with a new $14.9 billion 2.5-year facility. New lending program could be approved in late July, since Ukraine appears on track in making the required policy adjustments in fiscal and monetary areas (see Economic policy section for details). In the international sphere the focus has been on the ongoing negotiations with the European Union on the creation of a free-trade zone and liberalization of visa procedures. While the latter issue may drag for some time, a free-trade deal could be formalized in 2011. Also of note was the reconfirmation by UEFA, Europe’s administrative body for football, of four Ukrainian cities as venues for Euro 2012 football championship.
Ukraine Fact Sheet

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• Marking his 100th day in power, Victor Yanukovych, Ukraine’s newly elected president, unveiled a comprehensive 5year reform agenda, which included some long overdue, but essential proposals to improve business climate and put country’s economic...

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