Ukraine needs to raise around $8 billion on foreign markets for the well-timed servicing of its commitments, a World Bank economist covering Belarus, Moldova and Ukraine said to a press conference on April 10.
Slow reform progress has held up funding under a $17.5 billion loan programme from the International Monetary Fund and also from the World Bank, and there is a shrinking window to implement policy changes before parliamentary and presidential elections in 2019. "Reforms in land markets, the financial sector, anticorruption, and privatization would not only address medium-term growth bottlenecks, but also provide an important immediate signal to strengthen investor confidence", the World Bank said.
It believes that reforms would send an important signal to bolster investor confidence, help raise needed worldwide financing, and safeguard macroeconomic stability.
"Economic growth is projected at 3.5% in 2018 if pending reforms in anticorruption, land markets, state-owned banks, and privatization can be advanced in the next few months". It would be an important signal for worldwide capital markets, he said.
In its 11th edition of the South African Economic review, the World Bank revealed that the growth forecast increase was due to a rise in local business and consumer confidence, global growth and benign inflation.
Mobilizing adequate global financing by completing pending reforms in the months ahead will be important to maintain macroeconomic stability, the World Bank said.
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