According to Qimiao Fan, the World Bank is optimistic about the prospects of the Ukrainian economy in the long run. He said that people needed to believe in the future of this country since Ukraine possesses one third of the world's black earth. The World Bank country director noted that Ukraine had advantageous geographic position, including proximity to the largest solvent European market and a huge transit potential. He considered a great number of talented and educated people in Ukraine to be the country's most important advantage, though stressed poor performance of the public institutions. However, Qimiao Fan underlined that the World Bank would not have invested $5 bln in Ukraine without visible improvements and progress over the last 18 months.
According to the World Bank country director, it is critical that the recovery, albeit small, will allow gradually restoring investors' trust in Ukraine's economy, which is much more important than specific development index, he said. He also added that it was too early for the authorities to relax, as the situation was far from sustained stability.
Qimiao Fan pointed out that blocking of the reform process became one of the major threats to the economy of Ukraine in 2016, holding up as a reason the discussion of the budget for 2016, the debate on the tax reform, and the delay in fulfillment of the requirements of the memorandum with the IMF. He concluded that this factor largely determined the country's ability to take the path of sustained and stable development.