According to Head of the International Monetary Fund mission, which completed its work in Ukraine, Christopher Jarvis "Ukraine is facing serious challenges. During the second half of 2012 due to the deterioration of trade conditions and uncertainty in global financial markets, economic activity slowed down sharply. Moreover, in 2012 the deficit of current account operation rose sharply and the balance of fiscal accounts deteriorated. Large amount of subsidies for gas and heating for the population continues to put pressure on the budget of Ukraine and its balance of payments. Without policy adjustment, our forecast for 2013 assumes growth at the level of 1% and a large current account deficit that would leave Ukraine vulnerable to the negative development of events."
As reported, the IMF mission which worked in Ukraine since January 29, it completed negotiations with the authorities in Ukraine and will continue to explore the possibility of providing loan to Ukraine. 12 February, the mission met the Prime Minister of Ukraine Mykola Azarov. The sides noted the progress in the negotiations.