"Fragile" economic stabilization in Ukraine already seen / Photo from UNIAN
Ukraine’s Economy Minister Aivaras Abomavicius says Ukraine already sees "fragile" economic stabilization.
"Economic growth may be seen not in 2016, as we expected, but in the fourth quarter of 2015," said Abromavicius at a government meeting on Friday.
"At the last meeting with the National Bank, we agreed that based on economic stabilization we will gradually withdraw restrictive measures. It will be get easier for businesses," said Abromavicius.
He stressed that these results were made possible also due to some of the government's unpopular and extraordinary steps.
Abromavicius said that deregulation, reform of the public sector, public procurement and the development of exports are among the priorities of the government's economic bloc.
According to the Minister, Ukraine has already achieved "fragile" economic stabilization.
As UNIAN reported earlier, the Ukrainian government has reached an agreement with the creditors' committee, which implies a 20% write-off of public debt to be restructured, totaling $19 billion. At the same time Russian lenders were offered the same terms for the restructuring of Russia's $3 billion debt.
The agreements involve a four-year deferral of payments on the body of the loan, while the interest rate on bonds is set at 7.75%.
Also, as UNIAN earlier reported, the Ministry of Economic Development and Trade of Ukraine estimated the GDP fall in the first half of 2015 at 15.9%. At the same time, the ministry noted the improvement in the GDP dynamics in the second quarter of this year, for the first time since the end of 2013.
Ukraine's GDP declined by 14.7% in the second quarter of 2015, compared to a decrease of 17.2% in the first quarter of 2015, according to the State Statistics Service of Ukraine.
The Cabinet of Ministers has developed three scenarios of economic development in Ukraine for the current year, according to which the fall of the country's GDP is expected to range between 5.5% and 11.9% The International Monetary Fund and the European Bank for Reconstruction and Development project Ukraine's GDP may fall by 9% in 2015. The World Bank in turn predicts a 7.5% decline in Ukraine's GDP in 2015.