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IMF sees positive trends in Ukraine' s economy

Xinhua, November 16, 2016 Adjust font size:

Ukraine has made a visible progress over the past year in improving its macroeconomic situation, deputy head of the International Monetary Fund's (IMF) European department Thanos Arvanitis said here on Tuesday.

"It is safe to say, that the positive trends are seen in all directions if we compare the current situation to the one that was last year," Arvanitis said during his meeting with Ukrainian Prime Minister Volodymyr Groysman.

Among the key positive factors, which contribute to the economic recovery of the East European country, Arvanitis listed a reasonable level of inflation and budget deficit, a rise in foreign exchange reserves and a resumption of public confidence into the banking system.

Groysman pledged to intensify his government's efforts in reforming the country to cement the positive economic trends and ensure a stable growth in future.

"We understand that our country needs structural reforms to emerge from the difficult economic situation," Groysman emphasized.

The Ukrainian government currently works on implementation of privatization program and continues efforts to reduce the share of the shadow economy to ensure a sustainable growth, he added.

After two years of recession, the Ukrainian economy has returned to growth in the first quarter of 2016, expanding by 0.1 percent year-on-year.

The gross domestic product growth accelerated to 1.4 percent in the second quarter, and to 1.8 percent in the third. Endit