Ukraine: accelerating the transition to market : proceedings of an IMF/World Bank seminar

Ukraine has undergone a major restructuring of its economy over the past two years. Inflation, which reached more than 10,000 percent in 1993, has fallen sharply and a new currency - the hryvnia - has been successfully introduced. For the first time in years, Ukraine now enjoys a large measure of exchange rate stability. The budget deficit -- once one of the highest among transition economies -- has been reduced to one of the lowest in the region. At the same time, important structural reforms are under way and many of the adminstrative obstacles that previously restricted foreign trade have been abolished. These efforts have earned Ukraine a degree of respect and credibility in the international community.

The papers contained in this volume represent the personal views of the authors -- as written in June 1996 -- and reflect the situation at the time of the seminar. Inevitably, some of the data underlying the analyses have changed since then, and the policies that Ukraine will implement in the context of this medium-term strategy will surely differ in some respects from those present here. Nonetheless, we believe that the central messages of these papers are as timely and relevant as ever, and that this book will contribute to an improved understanding of the economic problems facing Ukraine and the way forward toward a successful market economy.