Ukraine’s leaders hail a decade of EBRD-backed progress (EBRD feature story)

Ten years after the EBRD last held its Annual Meeting in Kiev, the Ukrainian president and prime minister paid tribute to the Bank’s work in helping the country achieve a decade of remarkable economic growth. “The EBRD is a reliable partner,” President Victor Yushenko told the opening session of the Bank’s Board of Governors. “Its decision to hold a meeting in Kiev for a second time is a validation of the reforms and democratic changes and the progress of the judiciary in Ukraine.”

Prime Minister Yulia Tymoshenko also addressed the governors, assuring them that “the EBRD is the most powerful investor in the country and we are one of its most desirable clients”.

Ms Tymoshenko extended a personal note of thanks to the EBRD’s outgoing President Jean Lemierre, whose successor is due to be elected on Monday: “Ukraine owes a lot to you.”

President Lemierre, meanwhile, congratulated Ukraine’s leaders and people for the impressive progress they had made since the Bank last met in Kiev. “The most profound difference is, of course, the fact that a quiet revolution has turned this country into a leading democracy in the region.”

The EBRD president began his first mandate two years after the financial collapse of 1998. Now the world faces fresh economic difficulties, but President Yushenko stated his belief that Ukraine was well positioned to deal with these turbulent times.

“I am confident that the new markets, in particular the Ukrainian stock market, are not going to lose their attractiveness,” he said. “Ukraine is developing steadily. Unemployment is at its lowest since the country gained independence. The international community and business world are very interested in our country.”

Noting his country’s recent accession to the WTO and its high levels of foreign direct investment, President Yushenko remarked: “Progress is irreversible.” He also thanked the Bank for taking a leading role in work to clean up the world’s worst nuclear accident at Chernobyl.

Prime Minister Tymoshenko joined the Ukrainian president in congratulating the EBRD for opening an office in the Ukrainian city of Dniepropetrovsk. “I was born there and the fact that the Bank has an office there will give a major push to a region so close to my heart.”

Ms Tymoshenko drew attention to an activity that has become an increasing focus of EBRD work in recent years: energy efficiency. “This is a challenge facing Ukraine in particular and the whole world. Such expensive energy resources are so thoughtlessly wasted. I hope investments will be aimed at this area where there is so much potential.”

The prime minister also highlighted the benefits of boosting Ukraine’s agricultural output at a time of rising food prices – an area where the EBRD is keen to provide support. “Such huge potential in the agricultural sector could bring results to Ukraine and to the rest of the world.”

By Mike McDonough, Communications Adviser
http://www.ebrd.com/new/stories/2008/080518b.htm