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Archive for October, 2009

Macroeconomic situation stabilizing in Ukraine

Posted by the Editor on October 30, 2009

News / 30 October 2009 | 17:47

Macroeconomic situation stabilizing in Ukraine

The macroeconomic situation is stabilizing in Ukraine, International Monetary Fund (IMF) Resident Representative in Ukraine Max Alier said at an annual conference organized by Fitch Ratings, NRCU reported.

He said that the fund’s program of cooperation with Ukraine is rather successful. “We’ve managed to reach understanding. However, some people think that the IMF has come to resolve all problems, both political and social. In fact, we focused on restoring macroeconomic and financial stability,” Alier said.

Since October 14, the Ukrainian government has started to discuss with the IMF the provision of the next tranche of the fund’s loan as part of the Stand-By program. Ukrainian Prime Minister Yulia Tymoshenko said that she expects understanding from the IMF in reviewing clauses of the cooperation program. As reported, the IMF approved the Stand-By Arrangement with Ukraine in November 2008 in an amount equivalent to about USD 16.4 billion, and allocated the first disbursement of USD 4.5 billion.

On May 12, 2009 Ukraine received the second tranche worth USD 2.8 billion. Part of that tranche, worth USD 1.5 billion, was sent directly to the national budget of Ukraine to finance the government’s external commitments. The third tranche amounted to USD 3.3 billion instead of the USD 3.2 billion as it was planned earlier. The fourth tranche worth USD 3.8 billion is expected to come before the end of 2009.


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Putin: Yushchenko blocking gas payments

Posted by the Editor on October 30, 2009

News / 30 October 2009 | 16:57

Putin: Yushchenko blocking gas payments

Russian Prime Minister Vladimir Putin said on Friday that Ukraine was likely to have new problems paying for Russian gas because Ukrainian President Viktor Yushchenko was blocking payments, according to Reuters.

“It looks like, we will again have problems with energy payments,” Putin said after a telephone call with Ukraine’s Prime Minister Yulia Tymoshenko.

Putin, speaking at his Novo-Ogaryovo residence outside Moscow, said Yushchenko was “blocking the transfer of funds” to pay for Russian gas.

He added that the European Union had not given the money it promised to Ukraine to help ease gas problems.


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Ukraine imposes quarantines to curb swine flu spread

Posted by the Editor on October 30, 2009

News / 30 October 2009 | 15:24

Ukraine imposes quarantines to curb swine flu spread

Ukraine imposes quarantines to curb swine flu spread

Ukraine will impose a quarantine in nine regions to curb the spread of the swine flu virus, the prime minister said on Friday.

Ukraine on Friday closed schools, banned all public events and imposed restrictions on people’s movements around the country for a three-week period after confirming its first death from H1N1 swine flu.

“All educational institutions without exception … will be switched on to a three-week holiday period,” Prime Minister Yulia Tymoshenko announced. She indicated this period could be extended if it was deemed necessary.

“Apart from this, we will take the decision to cancel all mass meetings … for three weeks,” she said at an emergency government session.

“We will introduce a special system to stop unnecessary travel by people from one region to another,” she added.

Earlier, the health ministry confirmed that one of 30 deaths in western Ukraine since mid-October which had been attributed to flu and pneumonia had been caused by the H1N1 strain, commonly known as swine flu.

“So far, not all the dead were tested (for H1N1),” a health ministry spokeswoman said. “However, tests on one dead (person) proved positive.”


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EU suggests euro500 billion loan for Ukraine

Posted by the Editor on October 30, 2009

News / 30 October 2009 | 13:35

EU suggests euro500 billion loan for Ukraine

(AP) The European Commission on Friday suggested lending euro500 billion to Ukraine and euro100 billion Bosnia and Herzegovina as part of International Monetary Fund bailouts to help them cope with the economic crisis.

The loans will need to be approved by the 27 European Union governments and the EU would raise the money by borrowing on the market.

The EU executive said the Ukraine package would be paid out in two installments after the country’s government respects IMF recommendations to curb public spending.

Ukraine is already in line for a $16.4 billion rescue loan from the IMF as well as another $1.7 billion from other international lenders to help it pay a massive natural gas bill to Russia and reform its energy sector.

Government finances have been badly affected by a severe downturn that has slashed tax revenue and investment.


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Lethal flu epidemic registered in Ukraine – Health Ministry

Posted by the Editor on October 30, 2009

News / 30 October 2009 | 11:16

Lethal flu epidemic registered in Ukraine – Health Ministry

The A/H1N1 highly pathogenic influenza epidemic has been registered in Ukraine, Health Minister Vasyl Kniazevych has told the press on Thursday.

Two laboratories have confirmed this diagnosis: 11 cases out of 33 tests are recorded.

Kniazevych noted that out of 21 tests that have been examined at the Yanovsky Institute of Pulmonology and Phthisiology, seven A (˱N1) cases are confirmed. Out of 12 tests studied by the Sanitary Epidemiological Service, four A (˱N1) flu cases are confirmed.

The minister recalled that for today 951 persons are hospitalized in the country’s western regions. According to him, a total of 30 deaths of virus infections are registered in Ukraine as of today’s morning.

He underlined that the situation on the A (˱N1) and other virus infections spread is out of control, as ‘great immigration process’ are taking place.

Kniazevych also stressed that Ukraine has enough medication for treating the A (˱N1) influenza. “The WHO recommended one-two medications. We have purchased them in sufficiency. But, despite therapy, fatal cases happened because of untimely reference to doctor,” Kniazevych said.

He also added that the Cabinet of Ministers and the National Security and Defense Council (NSDC) would today consider whether to place Ukraine in quarantine.


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Cash currency rate – 8.22 UAH/USD, 12.28 UAH/EUR

Posted by the Editor on October 29, 2009

News / 29 October 2009 | 17:56

Cash currency rate – 8.22 UAH/USD, 12.28 UAH/EUR

Today, the average cash dollar purchase rate at Ukrainian banks against Wednesday grew by 0.10 kopecks and makes up 8.1445 UAH/USD. The sale rate fell by 1.01 kopecks to 8.2264 UAH/USD.

The maximum purchase rate made up 8.1700 UAH/USD, the minimum sale rate – 8.1900 UAH/USD. The average euro purchase rate fell by 2.57 kopecks to 12.0545 UAH/EUR, sale – by 3.24 kopecks to 12.2845 UAH/EUR. It is possible to sell euro at a higher price at 12.1500 UAH/EUR, and purchase at a lower price – 12.2000 UAH/EUR.

The average purchase rate of 10 Russian rubles grew by 0.49 kopecks and makes up 2.723 UAH/RUR 10. The sale rate fell by 0.05 kopecks to 2.863 UAH/RUR 10.  The maximum rate of cash purchase proposed by banks is 2.800 UAH/RUR 10, the minimum sale rate – also 2.800 UAH/RUR 10.


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NBU does not have cash for Euro 2012

Posted by the Editor on October 29, 2009

News / 29 October 2009 | 16:54

NBU does not have cash for Euro 2012

The National Bank of Ukraine (NBU) has told the government that it is unable to allocate over $1 billion for the organization of Euro 2012, the UNIAN news agency said on Wednesday, RIA Novosti reported.

The news agency quoted an unnamed bank source as saying that the NBU was unable to allocate the money for the tournament, which Ukraine is co-hosting with Poland, due to a lack of funds.

The Ukrainian parliament earlier amended the 2009 budget to allow the allocation of an extra $1 billion for Euro 2012. However, President Viktor Yushchenko vetoed the bill and returned it to parliament. It eventually entered into force on October 15.

Ukraine’s readiness for Euro 2012 has been a constant source of concern for UEFA, which has only confirmed that games will be played in the capital, Kiev. Poland’s preparations have been approved by European football’s governing body.

Although Kiev has been guaranteed games, it may lose the final. A decision on the venue for the final and the suitability of the three other Ukrainian cities – Donetsk, Lvov and Kharkov – will be made on November 30.


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Ukraine to prevent new ‘gas war’

Posted by the Editor on October 29, 2009

News / 29 October 2009 | 15:13

Ukraine to prevent new 'gas war'

Ukraine to prevent new ‘gas war’

Ukraine’s Deputy Prime Minister Hryhoriy Nemyria claims Ukraine will prevent the breakdown of payments for Russian gas and a new ‘gas war’ with Moscow.

“Surely, it will be difficult to do …But Prime Minister Yulia Tymoshenko, as before, is going to do her best, to take every effort so that confidence in Ukraine’s timely payments is kept,” he said.

The Deputy Premier assured that despite financial troubles Ukraine is facing amid the economic downturn, a conflict between Kyiv and Moscow due to the gas prices and transit will not emerge again.

The halting of Russian gas supplies to Ukraine in January 2009 brought to a head a long-smoldering conflict between Ukraine and Russia.

According to the gas contract between Russia’s Gazprom and Ukraine’s Naftogaz dated January 19, 2009, Naftogaz should pay for Russian gas by the seventh day of the month following the supply month. Otherwise, Naftogaz will have to make payments for gas in advance.

On September 2009, Ukrainian and Russian premiers Tymoshenko and Putin agreed that Ukraine would pay only for the gas really supplied.

NJSC Naftogaz of Ukraine has been paying for gas imports in time and in full since the start of 2009.



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