Book Description

This paper focuses on Ukraine's 2005 Article IV Consultation and Ex Post Assessment of Longer-Term Program Engagement. After four years of strong activity, annual growth has slowed sharply, from a peak of about 12 percent in 2004 to 3 percent for January-September 2005. Fiscal policy in 2005 has aimed at a significant fiscal tightening, with the supplementary 2005 budget targeting a general government deficit of 21⁄2 percent of GDP compared with the 41⁄2 percent of GDP realized during 2004, and the 6-7 percent of GDP implicit in the original 2005 budget.