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2017-10-04 23:35:00

WBG HAS UKRAINE

WBG HAS UKRAINE

WBG - Ukraine's economy grew by 2.4 percent in the first half of 2017, following growth of 2.3 percent in 2016, according to the World Bank's latest Ukraine Economic Update. While the resumption of growth is a positive development, this is a weak recovery since it follows a cumulative 16 percent contraction in 2014 and 2015.

"2 percent is not enough," said Satu Kahkonen, World Bank Country Director for Belarus, Moldova and Ukraine. "Faster growth at 4 percent or more is needed to improve living standards for the population that continues to hurt from the economic crisis of 2014-2015. This will require progress on an ambitious package of reforms, including in land markets, the financial sector, anticorruption, and privatization, to stimulate investment and productivity." 

Economic growth is projected at 2 percent in 2017, given the unfinished structural reform agenda. 

The fiscal deficit is projected to widen to 3.5 percent of GDP in 2017 due to higher public sector wages and spending on social programs. Mitigating macroeconomic vulnerabilities by reducing the fiscal deficit to 2.5 percent of GDP in 2018 will require adopting pension reform, improving targeting of housing utility subsidies, and implementing education and health reform in a manner that improves the quality of services while reducing the wage bill. 

Ukraine needs a systematic fiscal consolidation effort, or it will have to rely on ad hoc revenue measures and expenditure cuts, which would undermine debt sustainability, growth prospects, and the quality of social services. 

Reforming land markets for agricultural growth

According to the World Bank's Special Focus Note on reforming land markets, the moratorium on agricultural land sales, along with weaknesses in the transparency of land rights and transactions, are major impediments to attracting investment and unlocking productivity in Ukraine's agriculture sector.

Without the ability to purchase land, farmers have a lower incentive to undertake productivity enhancing investments, and also cannot use land as collateral to secure financing from banks. Small and medium producers are particularly affected by the lack of access to financing.

Investment in agriculture has also been held back by the lack of transparency. This includes errors in the cadaster and registry, the lack of registration of sales and lease prices, and low registration of state land. 

Land reform is critical to improve living standards for the Ukrainian people, by driving higher economic growth and incomes for the population, and improving the returns on land for millions of small landholders. 

The Government has taken important first steps by declaring land reform a priority, beginning work on improving transparency, exploring mechanisms to facilitate access to finance for farmers, and discussing design principles of a draft land turnover law with stakeholders. 

It is critical that the work on strengthening transparency and access to finance is completed and that a draft land turnover law is expeditiously submitted to Parliament for approval so that the moratorium can be lifted on January 1, 2018.

Background

Since May 2014, the World Bank Group has provided a total of more than US$5 billion to Ukraine (including 4 development policy loans, 7 investment operations and 1 guarantee) from the International Bank for Reconstruction and Development (IBRD).

The World Bank's current investment project portfolio in Ukraine amounts to about US$2.5 billion. Investments support improving basic public services that directly benefit ordinary people in areas such as water supply, sanitation, heating, power, roads, social protection and healthcare, as well as private sector development. Since Ukraine joined the World Bank in 1992, the Bank's commitments to the country have totaled over US$12 billion in about 70 projects and programs.

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Earlier:

RUSSIAN GAS FOR EUROPE: UP TO 23%
September, 4, 12:30:00

RUSSIAN GAS FOR EUROPE: UP TO 23%

Russian natural gas volumes piped via Ukraine to European consumers are up by 23.4 percent so far this year at 61.9 billion cubic metres (bcm), Ukrainian gas transport monopoly Ukrtransgaz said.

 
 RUSSIAN - UKRAINIAN OIL TRANSIT: UP 42%
April, 10, 18:40:00

RUSSIAN - UKRAINIAN OIL TRANSIT: UP 42%

Ukraine's transit of Russian oil for exports to Europe in March rose 42% year on year to 1.25 million mt, state oil shipper UkrTransNafta said

 UKRAINE'S SERIOUS SHORTCOMINGS
April, 7, 18:30:00

UKRAINE'S SERIOUS SHORTCOMINGS

Ukraine has been urged to finalise gas sector reforms by Janez Kopac, director of Energy Community that regroups EU and non-EU states in Europe.

 WBG BOUGHT UKRAINE: $10 BLN
April, 6, 18:30:00

WBG BOUGHT UKRAINE: $10 BLN

The World Bank’s current investment project portfolio in Ukraine amounts to about US$2.8 billion. Investments support improving basic public services that directly benefit ordinary people in areas such as water supply, sanitation, heating, power, roads, social protection and healthcare, as well as private sector development. Since Ukraine joined the World Bank in 1992, the Bank’s commitments to the country have totaled over US$10 billion in about 70 projects and programs.

 IMF: UKRAINE'S CORRUPTION
April, 5, 18:35:00

IMF: UKRAINE'S CORRUPTION

Directors welcomed the creation of new anticorruption institutions, but strongly urged the authorities to strengthen these institutions further and to establish an independent anticorruption court to achieve concrete results, in order to support the reform program, attract investment, and achieve faster growth.

 UKRAINE PAYS MORE
March, 6, 18:40:00

UKRAINE PAYS MORE

Ukrainian state monopoly supplier Naftogaz Ukrainy has issued letters of credit under the loan agreement with Citi and Deutsche Bank secured by the World Bank. They total €220mn ($231mn) and will be used this month to buy gas from European suppliers selected through the World Bank’s auctions, it said March 1. It is planned to buy up to 1.1bn m³, with payment due in April upon completion of the relevant gas deliveries to Ukraine.

 UKRAINE'S LAST OPTIONS
November, 30, 18:40:00

UKRAINE'S LAST OPTIONS

Gazprom has started to vary its marketing strategy by using a variety of methodologies, including selling gas via the traditional long term contracts, via auctions, via Gazprom Marketing & Trading and via Wingas (its 100% owned European utility). As a result it has gained flexibility (that was formerly in the hands of the European utilities) and can adapt much faster to market changes.

 

 

 

 

 

 

Tags: WBG, WORLD, BANK, UKRAINE
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