Ukraine: 2005 Article IV Consultation and Ex Post Assessment of Longer-Term Program Engagement: Staff Reports; Staff Supplement; and Public Information Notice on the Executive Board Discussion
IMF Staff Country Reports, November 28, 2005
Source details
- Canonical URL
- Ukraine: 2005 Article IV Consultation and Ex Post Assessment of Longer-Term Program Engagement: Staff Reports; Staff Supplement; and Public Information Notice on the Executive Board Discussion
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Bibliographic details
- Published: November 28, 2005
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451839067.002
Executive summary
- After four years of strong activity, annual growth slowed sharply, from a peak of about 12 percent in 2004 to 3 percent for January–September 2005.
- Fiscal policy in 2005 aimed at a significant fiscal tightening, with the supplementary 2005 budget targeting a general government deficit of 2½ percent of GDP compared with the 4½ percent of GDP realized during 2004, and the 6–7 percent of GDP implicit in the original 2005 budget.
Key findings
- Growth trajectory:
- Peak growth: about 12 percent in 2004.
- Growth for January–September 2005: 3 percent.
- Fiscal position and adjustments:
- Supplementary 2005 budget target: general government deficit of 2½ percent of GDP.
- Realized 2004 general government deficit: 4½ percent of GDP.
- Implicit deficit in the original 2005 budget: 6–7 percent of GDP.
Policy implications and assessment focus
- The report centers on the 2005 Article IV Consultation and an ex post assessment of longer-term program engagement, emphasizing the implications of the marked growth slowdown and the scale of fiscal tightening implemented in 2005.
- Fiscal tightening in 2005 is a central element of policy assessment given the shift from the originally implicit 6–7 percent of GDP deficit to the supplementary target of 2½ percent of GDP.
Scope and topics covered
- Subject areas listed: Currencies, External debt, Financial crises, Fiscal policy, Inflation, Prices, Public debt.
- Keywords provided: Baltics, broad money, CR, debt, draft budget, exchange rate, GDP, Global, government, Inflation, ISCR, monetary policy, real GDP, U.S. dollar.
Ukraine: 2005 Article IV Consultation and Ex Post Assessment of Longer-Term Program Engagement: Staff Reports; Staff Supplement; and Public Information Notice on the Executive Board Discussion