World Economy

Ukraine Economy Stabilizing

Ukraine Economy StabilizingUkraine Economy Stabilizing

The Ukrainian economy is beginning to stabilize as is the security situation in the country, European Commission Vice President Valdis Dombrovskis has said, adding that it is crucial for the Ukrainian economy to return to growth as soon as possible.

“The European Union needs to support security in Ukraine, as well as its sovereignty and territorial integrity,” Dombrovskis said after a meeting with Ukrainian Prime Minister Arseniy Yatseniuk in Riga on November 6, Interfax reported.

He said that the EU program of macro-financial assistance to Ukraine was also discussed at the meeting. “The EU is supporting Ukraine in this difficult situation by providing financial and humanitarian assistance. We’ve discussed preparations for the implementation of the next stage of macro-financial assistance and how Ukraine’s efforts on the issue of reforms are relevant to the program of this assistance,” he said.

Dombrovskis said that the EC is monitoring the implementation of the macro-financial assistance program, which was why an EC delegation visited Kyiv in October.

The mission paid particular attention to changes to Ukrainian legislation made as a part of the ongoing European integration of Ukraine, he said. He also said that Ukraine has made progress in some reforms, particularly, on public administration, and the energy and other sectors.

However, further effort is required in the fight against corruption and restricting competition in line with World Trade Organization standards to ensure that Ukraine can adhere to the upcoming deep and comprehensive free trade area, he said.

Dombrovskis also said that the subsidy system should be changed to liberalize the gas market to ensure that funds are not sent to the accounts of companies, but directly to vulnerable consumers instead.