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KYIV -- Ukraine must build on a period of relative political calm in which it’s succeeded in reforming parts of its ex-Soviet economy and returning it to growth, according to the World Bank.
To win further aid, the government must push ahead with revamps of land sales, the pension system and health care, said Satu Kahkonen, the lender’s director for Ukraine, Belarus and Moldova. The bank, which has invested more than $10 billion in the country, stands ready to help implement Ukraine’s plans, she said.
“We are very pleased with the progress that
the government has made in the past year -- they have taken a lot of very
important reforms and moved the country forward,” said Kahkonen, a Finnish
national who has been here for one year. “We hope that political stability
would continue so further reforms can be taken and the position of Ukraine can be
solidified.”
“One lesson that we have learned from our prior engagement is that it is important to be flexible,” Kahkonen said. “If those big policy reforms move, we would step in to support their implementation with investments.”
She also urged the government to lift
a moratorium on agricultural land sales in January, a step that’s aimed at
boosting farming, saying the World Bank may consider some financing projects
such as irrigation.
While gross domestic product resumed its expansion last year, growth remains “very modest” and will probably slow to 2 percent in 2017, about half the economy’s potential, Kahkonen said.
To contact the reporters on this story:
Daryna Krasnolutska in Kiev at dkrasnolutsk@bloomberg.net;
Volodymyr Verbyany in Kiev at vverbyany1@bloomberg.net
Slider photo: Outside the Rada on Thursday, nationalists brandished smoke flares and clashed with police to protest the parliament's resistance to allowing members to face corruption charges in court. (UNIAN: Vyachesla Ryatinskiy)
Posted July 17, 2017
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