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26.9 27.5
Economy 2019-09-15T04:11:51+03:00
Ukrainian news
NBU: Delay Of IMF Financing Increases Vulnerability Of Ukrainian Economy

NBU: Delay Of IMF Financing Increases Vulnerability Of Ukrainian Economy

The National Bank of Ukraine has said that the delay of financing from the International Monetary Fund increases the vulnerability of the Ukrainian economy.

The National Bank of Ukraine announced this in a statement, Ukrainian News Agency reports.

The National Bank of Ukraine’s macroeconomic forecast that was published in April provided for a gradual reduction of the inflation rate to 6.3% at the end of 2019 and 5.0% at the end of 2020.

The main assumption on which this forecast is based is continued fulfillment of Ukraine’s obligations under the International Monetary Fund’s loan program.

However, discussion of further financial support from the International Monetary Fund and, consequently, related financial support has been postponed until formation of a new government.

According to the statement, this increases the vulnerability of the Ukrainian economy and could increase volatility in financial markets.

In addition, the Board of the National Bank of Ukraine (NBU Board) stated that increased domestic demand could restrain the weakening of the fundamental inflationary pressure.

Furthermore, according to the statement, the uncertainty that is traditionally associated with election periods remains in the country.

As Ukrainian News Agency earlier reported, a mission from the International Monetary Fund left Ukraine on May 30 and stated that it was ready to return to Ukraine after early parliamentary elections and formation of a new Cabinet of Ministers.

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