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Parliamentarian Borys Petrov: The Government made the first steps to improve the health of the economy
13.11.2006, 11:32
As far as economic aspect is concerned, the main result of the first 100 days in office of Viktor Yanukovych's Government was that it gave a chance to improve the health of the economy. It made the first steps to defuse the earlier inter-State political scandals, trade wars and a number of crises.
They extensively spoke and wrote earlier about the legacy inherited by Yanukovych's Government, and about conditions at the start of its work. It is enough to say only that over the past year Ukraine's international compatibility rating dropped by 10 points, while now Ukraine's rating is already characterized as "positive".
Ukraine's economy cannot develop in isolation. In order to work seriously in the world market, we have to be competitive. And the Cabinet of Ministers understands that. They devised a government program entitled "Competitive Ukraine", and take steps to attract foreign investments in the Ukrainian industrial sector. For example, they introduce international standards in the enterprises' accounting records, widen a practice of international audits, and place shares in the international stock markets. The draft State Budget for 2007, which is designed to be an instrument of innovation and development for the economy, alone cannot attract Western capital in the Ukrainian industrial sector. The main prerequisite to enhancing Ukraine's attractiveness for investors is political stability in the country.
There are already some results. GDP growth in January-September 2006 was 6.2%, as compared to 3% for the corresponding period in 2005. That was achieved mainly due to the extractive and manufacturing sectors. As a steel sector expert, I realize that an increase in the world prices of the ferrous metals stimulated an upturn in export and growth in the steel sector and engineering sector. At the same time, the Government uses its best efforts to create incentives for development of the Ukrainian economy, for example, by lowering tax pressure on the industrial enterprises, and by reaching a deal on the gas supplies. The enterprises should get incentives for modernizing and expanding their manufacturing facilities. Consistent efforts to join WTO should expand markets for the Ukrainian goods.
The Government of Viktor Yanukovych, our party leader, has come to power for the long time to come. It develops plans for the long-term prospects.
It is the only way to achieve competitiveness and improve the working people's living standards, which cannot be attained through populism and mere consumption of the budgetary funds, which was the case earlier. | |
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