Ukraine Needs To Improve Business Environment, Says IMF Resident Representative

KIEV, Ukraine -- Ukraine needs to take steps to improve its business environment, Resident Representative of the International Monetary Fund in Ukraine Max Alier has said.

Max Alier

"…An important issue, which needs to be considered but doesn't receive enough attention, is the business environment. At the macro level, the indicators seem to be positive, and this can be seen in several sectors: demand is reviving, consumption is resuming, the economy is emerging from crisis. However, problems are being exposed, ranging from tax legislation, management, administration, laws, and customs. In agriculture, there are quotas on grain exports that are allocated absolutely non-transparently," Alier said during the 4th Annual Summit "Ukrainian Real Estate and Construction" organized by Adam Smith Institute in Kyiv on Wednesday.

According to Alier, the business environment in Ukraine is not getting better, but worse.

He noted that without improving its business environment, the country would not be able to realize its full potential and significantly speed up its economic growth.

Alier also stressed the need for structural reforms in the country.

There are some structural reforms that are currently lagging behind in Ukraine, compared with other countries, but it is very important that they should be carried out, he said.

Source: Interfax