Nemyria: Financial And Economic Crisis Has Passed Its Peak

Deputy Prime Minister for International Affairs and European Integration Hryhorii Nemyria has said the current financial and economic crisis in Ukraine has passed its peak.

Nemyria's press service announced this in a statement.

"The most difficult time for Ukraine is behind us," Nemyria said while delivering a report on the state of the Ukrainian economy at a seminar on the theme "Crisis, Recovery, and Structural Reform in Emerging Europe and Central Asia," which was organized as part of the annual meetings of the International Monetary Fund and the World Bank in Turkey.

At the same time, Nemyria stressed that the crisis enabled the Ukrainian economy to learn several fundamental lessons.

According to him, the first lesson is that it is necessary to support a realistic currency exchange rate and the importance of holding back inflation.

"The countries where floating exchange rates were set incurred significantly less losses from the financial crisis," Nemyria said.

According to him, the second lesson is that it is necessary to implement structural reforms and the third lesson is that it is necessary to further develop the process of European integration.

"At a time of crisis, we need more Europe in Ukraine," Nemyria said, adding that Ukraine needed financial support from the European Union.

Nemyria stressed that Ukraine has already taken several steps in this direction. In particular, he said Ukraine was holding talks on creation of a free trade zone with the European Union, talks on joining the European energy community, and talks in the transport industry and other industries.

According to Nemyria, the crisis provides an opportunity for Ukraine to become a stronger country.

As Ukrainian News earlier reported, Nemyria is scheduled to meet with the International Monetary Fund's Managing Director Dominique Strauss-Kahn, the World Bank's President Robert ZoellickRobert Zoellick, the European Bank for Reconstruction and Development's President Tomas Mirow, and the European Investment Bank's President Philippe Maystadt, as well as with Deputy Prime Minister Wouter Bos of the Netherlands and Deputy Prime Minister Ali BabacanAli Babacan of Turkey while attending the annual meetings of the International Monetary Fund and the World Bank in Turkey.