[This from back in mid-April. -jlt]
The Ukrainian government is bracing itself for a tough ride ahead. In an address to the parliament on March 31, President Viktor Yushchenko said the economy shrank 25-30% year-on-year in the first two months of 2009 and that further hardships would have to be endured before there was a return to positive growth. oxfordbusinessgrouplogo
“We have lost our foreign markets and 60% of Ukrainian exports. All our foreign currency earnings depended on these markets, as did the jobs of nearly 2m people in steel, chemicals and related sectors,” he said. “It would be difficult, under current circumstances, to demand that all banks provide lending to the real sector.”
Alexander Savchenko
Deputy Chairman
National Bank of Ukraine
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Friday, June 12, 2009
Oxford Business Group, "Ukraine: Mounting Challenges," Balkanalysis, April 17, 2009.
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