Ukraine s Crumbling Economy
|
|
- Teresa Floyd
- 5 years ago
- Views:
Transcription
1 January 14, 2019 By Ekaterina Zolotova Ukraine s Crumbling Economy The country s persistent economic strife is veering toward crisis. Ukraine is in internal disarray. Driving the disarray is its deteriorating economic situation. While poor economic conditions predate the 2014 revolution, the subsequent Russia-backed insurgencies and annexation of Crimea exacerbated the underlying economic problems and forced Ukraine to attempt a rapid reorientation toward the West. Ukraine staved off potential disaster in December when the International Monetary Fund, as part of its four-year assistance program, approved a new $3.9 billion standby loan, $1.4 billion of which has been disbursed. (Ukrainian government debt is now approaching 70 percent of gross domestic product.) But the program is just a Band-Aid. This year will be a serious test for Ukraine, as millions of citizens already hurting from the current conditions will feel the pinch of economic reforms mandated by Ukraine s creditors. Rising Prices, Plummeting Conditions Although some official statistics paint an artificially rosy picture, by almost any metric the economic situation in Ukraine is in danger of becoming critical. According to the U.N. resident coordinator in Ukraine, while 4 percent of the Ukrainian population lives below the national poverty line (defined as 75 percent of the median income), some 60 percent live below the subsistence minimum. Ukraine s social policy minister noted that between 2014 and 2017, poverty in Ukraine rose from 8 percent to 55 percent. Improvements in the economy can more often be traced back to bureaucratic siphoning of budget funds to prop up entrepreneurs than to any actual improvements among the general population. Inflation is becoming a pernicious problem. While the official inflation rate has been around 10 percent since last June, Ukrainian research and media firms suggest it s much higher. Vesti-UA reported the prices of 87 percent of consumer staples have increased. Info-Shuvar reported that the price of potatoes doubled
2 since the beginning of November, and Obozrevatel said that such increases were not limited to potatoes. According to the State Statistics Service, the price of onions has increased by 115 percent, cabbage and carrots by 60 percent and beets by 30 percent (compared to the same time last year). Bread, flour, semolina and bacon have seen price hikes between 14 and 17 percent, while the prices of beef, fish and sausage have reportedly increased between 9 and 11 percent.
3
4 (click to enlarge) Other consumer goods and services are feeling the effects of inflation, too. Public transit fares have risen by 26 percent. Cigarette prices are up 16 percent, and antibiotics cost around 10 percent more than they did a year ago. Looming largest, however, are natural gas price increases. The IMF has mandated that Ukraine cut natural gas subsidies if it wants to remain in good standing. Ukraine has resisted; still, starting May 1 the price of natural gas is slated to increase by 15 percent, and beginning in 2020 it will be sold at market rates. (Due to previous price hikes, Ukrainians are now paying roughly 40 percent of the market price for gas. In 2015, they paid only 12 percent.) At the same time, the volume of natural gas in Ukraine s underground storage facilities has fallen to 43 percent of capacity. Ukrainians should prepare to pay more for this key commodity or fall back on the coal industry. Reports suggest that deepening poverty and fear of increasing military activity are prompting a new wave of migration as Ukrainians seek better economic conditions elsewhere. This is not a new phenomenon: According to the IMF, between 2 million and 3 million Ukrainians work abroad, while the government estimates that 3.2 million Ukrainian citizens are living abroad permanently. (The U.N. estimated that in 2017, roughly 6 million Ukrainians were living abroad in total.) The IMF has said the increase in the number of Ukrainian emigrants is becoming a domestic political issue. One opposition party leader said that poverty makes Ukrainians [want] to work abroad, sometimes people have to work in terrible conditions and with old equipment. The increased migration has resulted in long queues at the Uspenka checkpoint, on the Ukraine-Russia border near occupied Donetsk. Eyewitnesses said there were more than 200 cars queued up to enter Russia though apparently, it s possible to purchase a better place in line for 2,000 Russian rubles ($30). Details on this specific outflow are sparse, and at least some of the increased traffic may be a result of people returning to Russia after Christmas, which the Orthodox world celebrated Jan. 7. It remains to be seen if the situation will stabilize in the coming days. Government Inaction It s hard to know whether the Ukrainian government s inability to tackle these problems is a symptom or cause. Either way, Kiev is increasingly unable to support its citizens. The government needs cash to pay off the foreign loans it
5 took out in , valued at roughly $17 billion. (Coincidentally, that s about the value of the country s entire gold and foreign currency reserves, which total $17.7 billion.) The bulk of these repayments are due in the second half of 2019, just as natural gas subsidies are slashed, prices are climbing and elections are held. Meanwhile, Kiev has increased military spending, a political necessity considering that the government has made the threat of Russian aggression a key campaign talking point. In December, Interfax reported that the government planned to increase spending on the army in 2019 by 16 percent for a total of about $16 billion. Funding for the defense and security sectors will top 5 percent of GDP. (In 2017, only 5 countries spent a greater percentage of their GDP on the military.) Russia is a real threat to the government. But so are elections and they go a long way to explaining why President Petro Poroshenko, who after 2014 promised to live in a new way, now touts the slogan, Army, Language, Faith. What this boils down to is that Ukrainian authorities whether pro- or anti-russia will need an infusion of cash in Oligarchs have money, but they re not going to spend it on Poroshenko. (Instead, they may throw their own hats into the ring this election cycle.) The IMF remains a key option for the president. Decisions on the next tranches of the standby program will be made in May and November this year. They will hinge on Ukraine s ability to slash its budget, reduce inflation while maintaining a flexible exchange rate, privatize state-owned businesses and increase natural gas prices. Ukrainian citizens won t be happy with these reforms, and it won t be easy for presidential candidates to appeal to the population while staying on good terms with the IMF. Pursuing one of these imperatives necessarily hinders the other, which puts Ukraine in the unenviable position of having to choose between choices that are all bad.
UKRAINE Market Monitor Review January-June 2018
Picture: FSLC Ukraine UKRAINE Market Monitor Review January-June 218 HIGHLIGHTS Ukrainian economy continued its gradual growth for the third year in a row with 3.1 percent GDP increase in the first quarter
More informationSEB MERCHANT BANKING COUNTRY RISK ANALYSIS 28 September 2016
SEB MERCHANT BANKING COUNTRY RISK ANALYSIS 28 September 2016 Higher foreign reserves and lower financing needs following the debt restructuring in 2015 have reduced external vulnerability. In addition,
More informationPublic Opinion in Ukraine 2014
Public Opinion in Ukraine 2014 F i n d i n g s f r o m t h e I F E S 2 0 1 4 s u r v e y i n U k r a i n e F i e l d w o r k c o n d u c t e d f r o m A p r i l 8-1 5, 2 0 1 4 S a m p l e s i z e, n =
More informationTITLE: Ukraine After the Monetary Reform of November 12th. AUTHOR : Simon Johnson, Duke University Oleg Ustenko, Kiev State Economic Universit y
TITLE: Ukraine After the Monetary Reform of November 12th AUTHOR : Simon Johnson, Duke University Oleg Ustenko, Kiev State Economic Universit y THE NATIONAL COUNCI L FOR SOVIET AND EAST EUROPEA N RESEARC
More informationThe Real Oligarchs of Donetsk
The Real Oligarchs of Donetsk TRINAT Akhmetov is the richest, most powerful oligarch in Ukraine. He has significant assets in Donetsk region where ousted president Viktor Yanukovych was governor from 1997
More informationMoney market. Alexander Mukha
Currency Market and Banking System: Pressure of adverse factors Alexander Mukha 219 Summary In 2013, Belarus faced a marked deterioration of external terms of trade, which brought about export cuts, drops
More informationE-Bulletin. Russian Economic Sanctions: A Long Road Ahead?
E-Bulletin Russian Economic Sanctions: A Long Road Ahead? Russia cannot simply be allowed to invade its neighbours and shift Europe s borders with impunity, the [economic sanctions] measures under discussion
More informationJapanese ODA Loan. Ex-ante Evaluation
Japanese ODA Loan Ex-ante Evaluation 1. Name of the Program Country: The Islamic Republic of Pakistan Project: Energy Sector Reform Program Loan Agreement Signed: June 4, 2014 Loan Amount: 5,000 million
More informationUkraine s Economy Since Independence and Current Situation
Ukraine s Economy Since Independence and Current Situation Dr. Edilberto Segura SigmaBleyzer - The Bleyzer Foundation January 2016 v5 1 W H E R E O P P O R T U N I T I E S E M E R G E Economic Performance
More informationPublic Opinion Survey Residents of Ukraine
Public Opinion Survey Residents of Ukraine July 16-30, 2015 International Republican Institute Detailed Methodology The survey was conducted by Rating Group Ukraine on behalf of the International Republican
More informationGold vs. Bonds: Another Look
PRECIOUS METALS INVESTING BMG ARTICLES Real Gold vs. A Promise of Gold 1 Gold vs. Bonds: Another Look July 2015 By Nick Barisheff I n the past, we have highlighted the advantages of using gold rather than
More informationEurozone. EY Eurozone Forecast September 2014
Eurozone EY Eurozone Forecast September 2014 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for
More informationUkraine s Financial and Political Crisis. Anders Åslund Senior Fellow Peterson Institute for International Economics, Washington, DC
Ukraine s Financial and Political Crisis Anders Åslund Senior Fellow Peterson Institute for International Economics, Washington, DC May, 2009 Theses 1. Democracy, but constitutional reform needed 2. Hard
More informationCONSULTATION WITH SRI LANKA UNDER ARTICLE XVIII: 12 (b) OF THE GATT 1994 AND THE RELATED UNDERSTANDING. Basic Document supplied by Sri Lanka
WORLD TRADE ORGANIZATION RESTRICTED WT/BOP/S 3i
More informationCAN BRAZIL S ECONOMY REGAIN ITS STRENGTH?
1 CAN BRAZIL S ECONOMY REGAIN ITS STRENGTH? Osamu Katano North America & Latin America Dept., Mitsui Global Strategic Studies Institute Brazil s economy is recovering from a terrible period. Real GDP growth
More informationOn the verge of crisis? Mounting economic problems in Belarus
oswcommentary i s s u e 5 1 0 6. 0 4. 2 0 1 1 c e n t r e f o r e a s t e r n s t u d i e s On the verge of crisis? Mounting economic problems in Belarus Kamil Kłysiński Belarus s financial condition has
More informationDisbalances and risks of the Ukrainian economy
Disbalances and risks of the Ukrainian economy Historically, the economies of Russia and Ukraine were closely related. Since 2014, there has been a rupture of relations, but the influence of the Ukrainian
More informationOlga Pogarska, Edilberto L. Segura
June 214 Olga Pogarska, Edilberto L. Segura Political unrest shifted to eastern Ukraine over April-May 214 as armed pro-russian rebels took control over large territories in Luhansk and Donetsk oblasts,
More informationTRADE JUSTICE. DROP THE DEBT. MORE & BETTER AID. Kim Naylor/Comic Relief Ltd
TRADE JUSTICE. DROP THE DEBT. MORE & BETTER AID. Kim Naylor/Comic Relief Ltd Jim Holmes/Oxfam TODAY, THE GAP BETWEEN THE WORLD S RICH AND POOR IS WIDER THAN EVER. GLOBAL INJUSTICES SUCH AS POVERTY, AIDS,
More informationOleg Ustenko, Julia Segura, Valentyn Povroznyuk Edilberto L. Segura
Executive Summary As of, the Central Election Committee registered 44 candidates for the Presidency. According to the latest electoral polls, the list of top 3 candidates includes (i) comedian and actor
More informationWhat is Wrong with Market-Oriented Policies?
June 2003 In 1999, SigmaBleyzer initiated the International Private Capital Task Force (IPCTF) in Ukraine. Its objective was to benchmark transition economies to identify best practices in government policies
More informationDavid M. Woodruff The Russian barter debate: implications for western policy
David M. The Russian barter debate: implications for western policy Policy Memo Original citation:, David M. (1998) The Russian barter debate: implications for western policy. PONARS Policy Memo, Center
More informationRussia and Ukraine. Counselor: James Stanworth. Members: S Ivy S Sherry S Hank S Evan S Emily.
Russia and Ukraine Counselor: James Stanworth Members: S0031043 Ivy S0112033 Sherry S0163007 Hank S0163045 Evan S0163053 Emily Challenge 1 Challenge 2 Challenge 3 A week ago, the United States, Russia,
More informationFinancial Sector Development in Ghana: Enabling Efficiency and Broad-based Growth
Africa Programme Meeting Summary Financial Sector Development in Ghana: Enabling Efficiency and Broad-based Growth Speaker: CEO, Standard Chartered, Ghana Chair: Elizabeth Donnelly Assistant Head and Research
More informationGCE AS/A Level 2520U20-1 NEW AS. ECONOMICS Unit 2 Economics in Action. A.M. MONDAY, 23 May hours PMT
GCE AS/A Level 2520U20-1 NEW AS S16-2520U20-1 ECONOMICS Unit 2 Economics in Action A.M. MONDAY, 23 May 2016 2 hours 2520U201 01 ADDITIONAL MATERIALS In addition to this examination paper, you will need:
More informationProfessor Claudia M Buch Vice-President of the Deutsche Bundesbank. Speech at the presentation of the Financial Stability Review
Professor Claudia M Buch Vice-President of the Deutsche Bundesbank Speech at the presentation of the 2017 Financial Stability Review of the Deutsche Bundesbank in Frankfurt am Main Wednesday, 29 November
More informationAustralia s Housing Market
Australia s Housing Market March 2016 Update In August 2015 we investigated the notion that a bubble is developing in the Australian housing market. We concluded that these fears seem to be justified;
More informationPAST, PRESENT AND FUTURE OF UKRAINE
PAST, PRESENT AND FUTURE OF UKRAINE European Economic Senate Going am Wilden Kaiser May 7, 2015 Introduction I. Historical Background II. Present Development III. Future Outlook IV. Challenges V. Conclusion
More informationCan Russia Use Its Energy Endowment and the World Oil System To Its Advantage?
Petro Power Can Russia Use Its Energy Endowment and the World Oil System To Its Advantage? PONARS Eurasia Policy Memo No. 82 Andrew Barnes Kent State University September 2009 Russia was hit hard by the
More informationEconomics Higher level Paper 2
Economics Higher level Paper 2 Tuesday 5 May 2015 (morning) 1 hour 30 minutes Instructions to candidates Do not open this examination paper until instructed to do so. You are not permitted access to any
More informationGeorgian National Study
Georgian National Study March, 00 International Republican Institute Baltic Surveys Ltd. / The Gallup Organization The Institute of Polling And Marketing with funding from the United States Agency for
More informationINDEPENDENT EVALUATION GROUP UKRAINE COUNTRY ASSISTANCE EVALUATION (CAE) APPROACH PAPER
Country Background INDEPENDENT EVALUATION GROUP UKRAINE COUNTRY ASSISTANCE EVALUATION (CAE) APPROACH PAPER April 26, 2006 1. Ukraine re-established its independence in 1991, after more than 70 years of
More informationEx-Ante Evaluation (for Japanese ODA Loan)
Japanese ODA Loan Ex-Ante Evaluation (for Japanese ODA Loan) 1.Name of the Project Country: Ukraine Project: Economic Reform Development Policy Loan (Ⅱ) Loan Agreement: December 4, 2015 Loan Amount: JPY
More informationSocial impacts of the inflation
Social impacts of the inflation Lately, there is a certain word that influences the life of all people and we sound several times a day: Inflation. It diffused into the life of everyone, from ordinary
More informationGhana: Implications of the Rising Interest Costs to Government
Fiscal Alert No.4 December 2015 Ghana: Implications of the Rising Interest Costs to Government Introduction One important feature of fiscal management in Ghana in the last few years has been the rapid
More informationEconomic Development and Transition
CHAPTER 18 LEVELS Economic Development and Transition SECTION 1 Development is the process by which a nation improves its people s economic, political, and social well-being. Developed nations, such as
More informationMr Thiessen converses on the conduct of monetary policy in Canada under a floating exchange rate system
Mr Thiessen converses on the conduct of monetary policy in Canada under a floating exchange rate system Speech by Mr Gordon Thiessen, Governor of the Bank of Canada, to the Canadian Society of New York,
More informationThe IMF s Indonesian Myths
The IMF s Indonesian Myths Dr. Rizal Ramli In a widely-quoted article published in early October 1997 I argued that involving the IMF in Indonesia s recovery program would inevitably plunge the country
More informationMARKET COMMENTARY. Horizon Asia Opportunity Q Commentary. October Horizon Kinetics LLC
Horizon Asia Opportunity Q3 2016 Commentary October 2016 2016 Horizon Kinetics LLC In the third quarter of 2016, the Horizon Asia Opportunity Institutional Composite ( Strategy ) declined 0.3%, net of
More informationWCU: Precious metals surge, oil and gas plunge By Ole Hansen
WCU: Precious metals surge, oil and gas plunge By Ole Hansen With just a few days to go before the US presidential election some major moves were seen across commodities this past week. Some, especially
More informationGlobal Economic Prospects and the Implications for India Speech to the Federation of Indian Chambers of Commerce and Industry (FICCI), New Delhi
Global Economic Prospects and the Implications for India Speech to the Federation of Indian Chambers of Commerce and Industry (FICCI), New Delhi Naoyuki Shinohara Deputy Managing Director, International
More informationTough Questions for Conservative Party Candidates
Tough Questions for Conservative Party Candidates On Canada s Economic Fundamentals On June 12, 2006, Finance Minister Jim Flaherty said that Canada s fundamentals are as solid as the Rock of Gibraltar.
More informationBOFIT Forecast for China
BOFIT Forecast for China BOFIT Forecast for China 2017 2019 Bank of Finland BOFIT Institute for Economies in Transition Bank of Finland BOFIT Institute for Economies in Transition PO Box 160 FI-00101 Helsinki
More informationExecutive summary. Car insurance price hikes continue to accelerate, rising by 109 annually
Executive summary Car insurance price hikes continue to accelerate, rising by 109 annually 1 10 year review Confused.com celebrates a decade of the car insurance price index Confused.com, the no.1 website
More informationGlobal Fixed Income CENTRAL AND EASTERN EUROPE GROWTH CREATES RELATIVE VALUE OPPORTUNITIES
PRICE POINT October 017 Timely intelligence and analysis for our clients. Global Fixed Income CENTRAL AND EASTERN EUROPE GROWTH CREATES RELATIVE VALUE OPPORTUNITIES KEY POINTS Strong economic growth in
More informationFRONT BARNETT ASSOCIATES LLC
FRONT BARNETT ASSOCIATES LLC I N V E S T M E N T C O U N S E L May 31, 2000 ECONOMIC OUTLOOK - - SOFT LANDING AHEAD Economic growth in the U.S. has been incredibly strong - - too strong for the Federal
More informationUkraine: Current Political and Economic Situation
Ukraine: Current Political and Economic Situation Dr. Edilberto Segura Partner and Chief Economist, SigmaBleyzer President of the Board, The Bleyzer Foundation June 2014 1 A Dramatic Change in Political
More informationAn Oil Price Increase Is Not Enough for Russia
An Oil Price Increase Is Not Enough for Russia January 12, 2018 Though crude oil prices are expected to hover around $60 a barrel in 2018 and 2019, that s not enough to buoy Russia s economy. By Jacob
More informationInterview with Klaus Regling, Managing Director, ESM Published in Politis (Cyprus), 8 November 2015
Interview with Klaus Regling, Managing Director, ESM Published in Politis (Cyprus), 8 November 2015 Politis: The main goal of the programme is to restore confidence in Cyprus. Is this mission complete?
More informationTRADE, FINANCE AND DEVELOPMENT DID YOU KNOW THAT...?
TRADE, FINANCE AND DEVELOPMENT DID YOU KNOW THAT...? The volume of the world trade is increasing, but the world's poorest countries (least developed countries - LDCs) continue to account for a small share
More informationRaising the minimum wage is good for the economy
Raising the minimum wage is good for the economy MYTH: Raising the minimum wage will cost low-wage workers their jobs. FACT: Even though fear mongers in business, politics and the media continue to raise
More informationOur Painting of the Week
Our Painting of the Week Henry Rousseau: French Artist 1844-1910 Ridiculed during his lifetime by critics; they thought his work was too flat & childish "When I go into the glass houses and I see the strange
More informationAS PREPARED FOR DELIVERY. Towards a More Secure Recovery Shared by All By Christine Lagarde, IMF Managing Director
Address by CHRISTINE LAGARDE, Chairman of the Executive Board and Managing Director of the International Monetary Fund, to the Board of Governors of the Fund, at the Joint Annual Discussion October 13,
More informationUkraine: Current Economic and Business Situation
Ukraine: Current Economic and Business Situation Dr. Edilberto Segura Partner and Chief Economist, SigmaBleyzer President of the Board, The Bleyzer Foundation June 2015 1 Defense/Military Situation After
More informationNa#onal Income Mr Traynor
Na#onal Income Mr Traynor Economics Pack 4 Exam Prep 6 th Year, Ailesbury Rd 1) Short Ques+ons Study the table below and calculate (i) and (ii), showing all your workings. (i) Year National Income Consumption
More informationArgentina: two devaluation episodes. Maria Muniagurria University of Wisconsin September 27, 2017
Argentina: two devaluation episodes Maria Muniagurria University of Wisconsin September 27, 2017 Two Episodes: Currency Board and 2001 Crisis (Sources: Sturzeneger talk at UW Madison 2002/ Feenstra Taylor,
More informationRecent evolution of the main banking and monetary indicators - I. Monthly, Analysis Issue No 13, Jul 2003
Recent evolution of the main banking and monetary indicators - I. Monthly, Analysis Issue No 13, Jul 2003 Discrepancies in figures published by the Central Bank and the Banker s Association The asset/liability
More informationAfter the Stress Test, Deal With the Debt. Global Economics Monthly November 2014
Global Economics Monthly November 2014 After the Stress Test, Deal With the Debt Robert Kahn, Steven A. Tananbaum Senior Fellow for International Economics O V E R V I E W Bottom Line: The European Central
More informationChapter 13 The Open Economy Revisited: the Mundell-Fleming Model and the Exchange-Rate Regime
Chapter 13 The Open Economy Revisited: the Mundell-Fleming Model and the Exchange-Rate Regime Modified by Yun Wang Eco 3203 Intermediate Macroeconomics Florida International University Summer 2017 2016
More informationKerry Max Senior Economist, Americas Branch, CIDA. Small Island States and a Free Trade Area of the Americas: Challenges and Opportunities
Kerry Max Senior Economist, Americas Branch, CIDA Small Island States and a Free Trade Area of the Americas: Challenges and Opportunities Summary: Trade liberalization and economic integration are powerful
More informationMeeting of G20 Ministers of Trade April 2012, Mexico. Strengthening the Multilateral Trading System Discussion Note 1
Meeting of G20 Ministers of Trade 19-20 April 2012, Mexico Strengthening the Multilateral Trading System Discussion Note 1 Main Messages Given the emergence of regional and global value chains, new measures
More informationLearning the Right Lessons from the Current Account Deficit and Dollar Appreciation
Learning the Right Lessons from the Current Account Deficit and Dollar Appreciation Alan C. Stockman Wilson Professor of Economics University of Rochester 716-275-7214 http://www.stockman.net alan@stockman.net
More informationImplementation of Pheu Thai Party Policy Key to Thailand s Success
Analyst Tan Xuan +6631179 tanx@phillip.com.sg 14 Jul 211 Implementation of Pheu Thai Party Policy Key to Thailand s Success Executive Summary Bright spot in private consumption to be supported by rising
More informationFAIR WORK DECENT CHILDHOODS
FAIR WORK DECENT CHILDHOODS Policies for those who work to live lives free of poverty INTRODUCTION All political parties say work is the key driver for tackling poverty and we at UNISON Scotland and CPAG
More informationCanada s Economic Future: What Have We Learned from the 1990s?
Remarks by Gordon Thiessen Governor of the Bank of Canada to the Canadian Club of Toronto Toronto, Ontario 22 January 2001 Canada s Economic Future: What Have We Learned from the 1990s? It was to the Canadian
More informationConsolidated Condensed Interim Financial Statements and Report on Review
Consolidated Condensed Interim Financial Statements and Report on Review CONTENTS Report on Review Consolidated Condensed Interim Financial Statements Consolidated Condensed Interim Statement of Financial
More informationB R E T T O N W OODS R E S E A R C H, L L C
War in Europe: A Market Perspective May 1, 2014 Executive Summary: Amid the unrest in Ukraine and growing tensions between Russia and the West, BWR reviews numerous episodes of geopolitical turbulence
More informationOleg Ustenko, Djulia Segura, Valentyn Povroznyuk Edilberto L. Segura
Executive Summary The ceasefire in Eastern Ukraine has been holding for several weeks and pro-russian rebels have declared their intention to cancel their own local elections originally planned for mid-october.
More informationTACKLING MARKET FRAGMENTATION IN GLOBAL BANKING DOUGLAS J. ELLIOTT
TACKLING MARKET FRAGMENTATION IN GLOBAL BANKING DOUGLAS J. ELLIOTT The Financial Stability Board (FSB) and International Organization of Securities Commissions (IOSCO) held a day-long roundtable on market
More informationDebt policy update. January 2011
Debt policy update January 2011 For further information contact: Tim Jones Senior Policy and Campaigns Officer Email: tim@jubileedebtcampaign.org.uk Phone: +44 (0)20 7324 4725 Highlights: 1) Vince Cable
More informationThe analysis and outlook of the current macroeconomic situation and macroeconomic policies
The analysis and outlook of the current macroeconomic situation and macroeconomic policies Chief Economist of the Economic Forecast Department of the State Information Centre Wang Yuanhong 2014.05.28 Address:
More informationROUNDTABLE ON ENTERPRISE DEVELOPMENT AND INVESTMENT CLIMATE IN UKRAINE (Kiev, 13 June 2006) SESSION 1: LEGAL FRAMEWORK FOR BUSINESS OPERATIONS
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT EU/TACIS PROGRAM ROUNDTABLE ON ENTERPRISE DEVELOPMENT AND INVESTMENT CLIMATE IN UKRAINE (Kiev, 13 June 2006) SESSION 1: LEGAL FRAMEWORK FOR BUSINESS
More informationEurozone. EY Eurozone Forecast September 2013
Eurozone EY Eurozone Forecast September 213 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Greece Rising
More informationMonetary Policy Statement: March 2010
Central Bank of the Solomon Islands Monetary Policy Statement: March 2010 Central Bank of the Solomon Islands PO Box 634, Honiara, Solomon Islands Tel: (677) 21791 Fax: (677) 23513 www.cbsi.com.sb 1.Money
More informationPublic Opinion Survey of Residents of Ukraine: Four Municipalities. May 26 June 30, 2018
Public Opinion Survey of Residents of Ukraine: Four Municipalities May 26 June 30, 2018 Methodology The survey was conducted by Rating Group Ukraine on behalf of the International Republican Institute
More informationINTRODUCTION RECENT ECONOMIC TRENDS
INTRODUCTION 1. This report responds to a specific request from the Serbian Minister of Finance. In the face of slowing economic growth, the Government faces the prospect of increasing deficits in the
More informationThe fiscal response to the currency crisis and the challenges ahead - Korea s experience
The fiscal response to the currency crisis and the challenges ahead - Korea s experience Chung Kyu Yung 1 1. Fiscal management and its impact after the currency crisis Fiscal position before the currency
More informationIndonesia. Real Sector. The economy grew 3.7% in the first three quarters.
Indonesia Real Sector The economy grew 3.7% in the first three quarters. The economy grew in a 3.5-4% range in each of the first three quarters, in spite of adverse effects from the 22 Bali bombing, the
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Eighth Meeting October 12 13, 2018 Statement No. 38-19 Statement by Mr. Mnuchin United States United States IMFC Statement October 2018 I am pleased
More informationReport Public Talk. Debt Restructuring in Developing Countries: The Case of Argentina
INSTITUTE OF STRATEGIC STUDIES web: www.issi.org.pk phone: +92-920-4423, 24 fax: +92-920-4658 Report Public Talk Debt Restructuring in Developing Countries: The Case of Argentina 2001-2016 September 7,
More informationExchange Rate Policy in Ukraine - Assessment and Recommendations -
Policy Briefing Series [PB/01/2012] Exchange Rate Policy in Ukraine - Assessment and Recommendations - Robert Kirchner/ Dr. Ricardo Giucci German Advisory Group Berlin/Kyiv, March 2012 Structure 1. Introduction
More informationThe International Finance Facility for Education
IFFEd NOTE: DEBT SUSTAINABILITY The International Finance Facility for Education The International Finance Facility for Education Improving education finance to achieve SDG 4 Today there are 260 million
More informationDevaluation as a Reason for Economical Growth or Crisis
International Journal of Economics and Finance; Vol. 9, No. 2; 2017 ISSN 1916-971X E-ISSN 1916-9728 Published by Canadian Center of Science and Education Devaluation as a Reason for Economical Growth or
More informationIra Epstein s Gold Report
Ira Epstein s Gold Report 3-12-2015 Will the Federal Reserve leave in or take out the word patient at this Wednesday s FOMC Meeting? 10-Year Notes are a proxy for Gold Prices Currency War in full swing
More informationOil Prices. Clifford G. Gaddy Barry W. Ickes
Putin s s System in a Regime of Low Oil Prices Clifford G. Gaddy Barry W. Ickes Best source on all this: http://www.brookings.edu/articles/2009/01_putin_gaddy.aspx ickmansblog.blogspot.com Introduction
More information25 years of Interreg
25 years of Interreg 15-16 September 2015 Maison du Savoir Esch-Belval Luxembourg Welcome Speech Minister Bausch 15th September 13.30 (Minister for Sustainable Development and Infrastructure, Luxembourg)
More informationCHAPTER What effect will each of the following proposed changes have on wage inequality?
CHAPTER 7 7-1. Evaluate the validity of the following claim: The increasing wage gap between highly educated and less educated workers will itself generate shifts in the labor market over the next decade.
More informationBelarus Short Form Report - May 2017
Sanctions FAFT AML Deficient Higher Risk Areas Medium Risk Areas EU and US Financial and Arms Embargo No Not on EU White list equivalent jurisdictions Corruption Index (Transparency International & W.G.I.)
More informationFinancing Opportunities in Ukraine. by Andreas Kettlgruber. Kiev, February 2018
Financing Opportunities in Ukraine by Andreas Kettlgruber Kiev, February 2018 Banking System in Ukraine Overview of Ukrainian banking sector as of 01.12.17: Almost UAH 2 bln profit (vs 158,5 bln net loss
More informationKENYA: A MACROECONOMIC ANALYSIS
KENYA: A MACROECONOMIC ANALYSIS GALE RAJ ANNA STINCHCOMB AMY UPSTON APRIL 16, 2003 SPP 556 MACROECONOMICS MACROECONOMIC OVERVIEW Kenya s economic woes are deeply ingrained. One of the first priorities
More informationEN 2019 Work Programme
EN 2019 Work Programme EUROPEAN COURT OF AUDITORS 12, rue Alcide De Gasperi 1615 Luxembourg LUXEMBOURG Tel. +352 4398-1 Enquiries: eca.europa.eu/en/pages/contactform.aspx Website: eca.europa.eu Twitter:
More informationBretton Woods Intentional Interdependence. Bretton Woods New Hampshire. I.M.F.
Bretton Woods- 1944 Intentional Interdependence Bretton Woods New Hampshire. U.S. and U.K. established funds and rules with U.S. dollar to be the reserve currency. I.M.F. Created to facilitate a return
More informationThank you very much for your welcome and thanks to all of you for taking time from your day to come and hear me speak.
Public Disclosure Authorized Challenges and Opportunities of the 21st Century Address to the University of Kiev Mohyla Academy 101436 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure
More informationPromoting Private Investment in Low Income Countries. Statement by Dr. Abdul Hafiz Sheikh, Minister for Privatization and Investment Pakistan
Promoting Private Investment in Low Income Countries Statement by Dr. Abdul Hafiz Sheikh, Minister for Privatization and Investment Pakistan At the ECOSOC Special High Level Meeting. New York. April 18,
More informationOleg Ustenko, Julia Segura, Valentyn Povroznyuk Edilberto L. Segura
Executive Summary: With the participation of Ukraine, France, Germany and Russia, a Normandy-Four Meeting was held in Berlin on October 19, with disappointing results. Russia insisted that the so-called
More informationThe Azerbaijani economy in the first nine of 2018: Brief Overview
The Azerbaijani economy in the first nine of 2018: Brief Overview Center for Economic and Social Development (CESD) Caspian Plaza, 3rd Block, 13th floor J.Jabbarli str. 44, Baku, Azerbaijan Phone: (99412)
More informationFİNANSBANK A.Ş. US$1,500,000,000 Global Medium Term Note Program
FIRST SUPPLEMENT dated April 2, 2014 to the Base Prospectus dated February 5, 2014 FİNANSBANK A.Ş. US$1,500,000,000 Global Medium Term Note Program This supplement (this Supplement ) is supplemental to,
More informationPolicies to Cope with Volatility of Oil Prices: Oil Importing Countries. Oil Price Volatility is Everywhere and Everpresent
Policies to Cope with Volatility of Oil Prices: Oil Importing Countries Robert Bacon Oil, Gas and Mining Policy Division The World Bank 1 Oil Price Volatility is Everywhere and Everpresent SD of return
More informationBretton Woods Intentional Interdependence Bretton Woods New Hampshire. I.M.F.
Bretton Woods- 1944 Intentional Interdependence Bretton Woods New Hampshire. U.S. and U.K. established funds and rules with U.S. dollar to be the reserve currency. I.M.F. Created to facilitate a return
More informationAlmost everyone is familiar with the
Prosperity: Just How Good Has It Been for the Labor Market? Investing Public Funds in the 21st Century Seminar Co-sponsored by the Missouri State Treasurer, the Missouri Municipal League, GFOA of Missouri,
More information