adoption of the budget, tightening fiscal policy and the restoration of political stability are prerequisites for a successful return to Ukraine the market of public external borrowing. Told the ex-Finance Minister Igor Mityukov at the Davos forum.
“First you see the budget, then we will talk about the conditions of borrowing. And without serious tightening of fiscal policy to enter international markets of Ukraine for me at this stage seems unlikely,” - added Mityukov.
In his view, more urgent for the government to be not so much the external commercial borrowings, as working with international financial organizations.
“Of course, the main task, which will stand in the field of international financial relations with the government, will soon restore the program of cooperation with the International Monetary Fund, and with the World Bank, and further improvement of relations with the EBRD,” - said the ex-minister Finance.
Speaking about the need for a serious tightening of the fiscal position, he called attention to the fact that countries with relatively better financial situation today claim to reduce or freeze their expenditure, in particular, did the United States and Russia.
Mityukov also noted that the rush to deployment of foreign loans because of the desire to create an indicator for corporate Ukrainian borrowers also not worth it. He explained that the National Bank has limited the rate of corporate external borrowing at 12%, which is now substantially below market levels.
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