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Archive for August 10th, 2010

Yanukovych to ensure cheap school goods for pupils

Posted by the Editor on August 10, 2010


News / 10 August 2010 | 16:36

Yanukovych to ensure cheap school goods for pupils

Yanukovych to ensure cheap school goods for pupils

In order to facilitate proper preparation for the new 2010-2011 school year, President Viktor Yanukovych instructed Chairman of the Council of Ministers of Crimea, Chairmen of Regional Administrations, Kyiv, and Sevastopol City Administrations to conduct school fairs to provide pupils with affordable school supplies and school uniforms.

The abovementioned officials, as well as Minister of Education Dmytro Tabachnyk are to conduct weekly monitoring of the situation with selling school goods and school uniforms.

They are also to take all necessary measures to ensure that orphans, children deprived of parental care and children from socially disadvantaged families are also prepared for the new school year.

According to the presidential instruction, Minister for Economy Vasyl Tsushko must also limit price markups for school goods and school uniforms.

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Regime of enhanced surveillance introduced at coalmines in Ukraine

Posted by the Editor on August 10, 2010


News / 10 August 2010 | 14:39

Regime of enhanced surveillance introduced at coalmines in Ukraine

Regime of enhanced surveillance introduced at coalmines in Ukraine

The State Committee for Industrial Safety, Labor Protection and Mining Supervision has introduced as of August 10 the regime of enhanced surveillance at coalmines in Donetsk, Luhansk and Lviv regions, National radio reported.

The strengthening of state mining supervision had been stipulated by the high level of injuries reported in the coal sector. Over 3,000 miners have been injured since the beginning of this year, and 75 of them died. The main cause of accidents is the low efficiency of the functioning at the mines of the labor protection management system, as well as the poor production and labor discipline of workers.

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Ukraine planning to create bridge bank as part of cooperation with IMF

Posted by the Editor on August 10, 2010


News / 10 August 2010 | 12:50

Ukraine planning to create bridge bank as part of cooperation with IMF

Ukraine planning to create bridge bank as part of cooperation with IMF

Ukraine has promised the International Monetary Fund (IMF) to abandon the creation of a bailout bank in favor of the so-called bridge bank, or a transition bank, reads a memorandum signed by the Ukrainian authorities and the IMF.

The creation of the bridge bank foresees that healthy assets and liabilities will be transferred to the new bank, while distressed assets and liabilities will remain in the old bank. The bank will continue to work to improve its financial condition (during the search for a buyer), while overcoming temporary financial problems.

The Ukrainian authorities also pledged to the International Monetary Fund to strengthen the country’s banking system. In particular, Ukraine should take measures on the legislative improvement of banking regulation and supervision, as well as information disclosure systems about the final owners of banks.

The National Bank of Ukraine (NBU) pledged to increase the level of its openness with the advance notification about board meetings that will address issues of interest rate policy.

The NBU earlier proposed allocating UAH 10 billion (UAH 7.89 / USD 1) for the creation of a bailout bank. It was expected that the financial institution would buy the distressed assets of commercial banks that would help improve their balance sheets, expanding the possibility of lending.

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Yanukovych urges to prepare draft budget 2011

Posted by the Editor on August 10, 2010


News / 10 August 2010 | 10:59

Yanukovych urges to prepare draft budget 2011

Yanukovych urges to prepare draft budget 2011

President Viktor Yanukovych met with Deputy Prime Minister for Economic Affairs Serhiy Tihipko, during which the sides discussed implementation of economic reforms, presidential press office reported.

Viktor Yanukovych said that timely preparation and adoption of the appropriate legislation is very important for conducting reforms. “I would like to constantly see your active position – that the Government prepared legislation needed to reform our country quickly, consistently, and step by step,” he said, adding also that the Cabinet must use the Parliamentary recess to prepare the package of necessary laws and draft budget for 2011.

According to Viktor Yanukovych, the reforms in Ukraine will also be facilitated by the IMF loan. “The loan we have received from the IMF is, in fact, a credit of trust,” he said and emphasized that the funds must be used rationally.

From his part, the Deputy Prime Minister for Economic Affairs informed the President on execution of 2010 state budget. According to him, during elaboration of this year’s budget the Government tried to solve three basic problems: consolidate public finances, strengthen the banking system, and start structural reforms.

“We have executed the state budget almost 100%,” he said. He noted that the second half of the year will be more difficult but more profitable for the budget. “We can say that we have won the first phase of consolidating the budget, although it is worth noting that now the second phase begins when we need to refund the restructured VAT for 2009 and approach automatic VAT refunding for transparent companies by September,” said the Deputy Prime Minister.

Mentioning the IMF loan, Serhiy Tihipko said that it is important for supporting the practical implementation of the reforms’ program: “In fact, we will have two years of support to economic reform. We now have an improvement of our state’s ratings”.

Speaking about the work of banking sector, the Deputy Prime Minister stressed the need to adopt several laws.

During the meeting the President drew Serhiy Tihipko’s attention to the formation of prices for bread and bakery products. He reminded of the situation in Cherkassy region, where one of the bakeries has arbitrarily raised the price for its products. “I would ask you and your colleagues to conduct the appropriate work. No one can raise prices arbitrarily and we will not allow that,” he said.

Serhiy Tihipko assured Viktor Yanukovych that the Government has all the capability to monitor the situation. “The Agrarian Fund financed is well financed, therefore it is able to compensate for the growth of grain prices (if it happens). I also think that today the prices must not be raised because there is no reason for this,” said the Deputy Prime Minister.

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