Ukraine: Stand-By Arrangement: Review Under the Emergency Financing Mechanism
January 22, 2009
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This paper discusses key findings of the two-year Stand-By-Arrangement for Ukraine under the Emergency Financing Mechanism. Output growth is turning negative on the back of a large terms-of-trade shock and the ongoing credit crunch. The deterioration of the economic and financial situation is contributing to an increase in program implementation risks. Policy implementation is in line with the program. The authorities have introduced a flexible exchange rate regime, tightened monetary policy, and have taken measures to contain the 2008 government deficit.
Subject: Bank deposits, Banking, Currencies, Exchange rate arrangements, Exchange rate flexibility, Exchange rate policy, Exchange rates, Foreign exchange, Money
Keywords: bank, bank recapitalization program, bank recapitalization scheme, bank share, CR, credit portfolio, Currencies, Exchange rate arrangements, Exchange rate flexibility, Exchange rate policy, exchange rate volatility, Exchange rates, Global, goods terms of trade, hryvnia, ISCR, public finance, terms-of-trade shock, Western Europe
Pages:
13
Volume:
2009
DOI:
Issue:
017
Series:
Country Report No. 2009/017
Stock No:
1UKREA2009001
ISBN:
9781451839159
ISSN:
1934-7685
