World Economy

Ukraine Economy Failing

Ukraine  Economy  FailingUkraine  Economy  Failing

Ukraine’s political crisis is seriously thwarting efforts to bring Ukraine’s economy back from two years of recession, the World Bank’s director for Ukraine Qimiao Fan said, RT reported. “The current political crisis poses a very serious threat to the still fragile recovery and exposes a serious enough threat to continued economic reforms,” said Qimiao Fan.  At present, Kiev is failing to form a new coalition, which may lead to the suspension of Ukraine’s $17.5 billion bailout program from the International Monetary Fund. The Ukrainian government’s inability to tackle corruption is turning away even its most patient allies.   In February, IMF Chief Christine Lagarde said that “without a substantial new effort to invigorate governance reforms and fight corruption, it’s hard to see how the IMF-supported program can continue and be successful.” Research from the American Chamber of Commerce in Ukraine, quoted by the Interfax news agency, shows that 73% of businesses in Ukraine haven’t seen the fight against corruption in Ukraine in the past two years.