Ukrainian President Viktor Yushchenko called Friday for measures to boost the economy battered by the global financial crisis and political instability, according to AP.
The national currency, the hryvna, has fallen nearly 20 percent in recent weeks and the Central Bank has had to bail out two major banks to avert a banking crisis. The Ukrainian stock market has plummeted some 30 percent over the past month as investors fled emerging markets. Many steel mills — the backbone of the economy — have been closed.
Yushchenko on Friday met with bank leaders and government representatives tasking them with developing unspecified measures to tackle the crisis. His deputy chief of staff Andriy Honcharuk stressed that the economy is strong enough overcome the problems.
But experts warn that Yushchenko`s decision this week to dissolve parliament and set early parliamentary elections for Dec. 7 could deepen the nation`s political turmoil and exacerbate economic problems. Some say the country can hardly afford to finance the third parliamentary elections in as many years.
