Balance of payments deficit shrinks to USD 275 mln in May

According to a press release issued by the National Bank of Ukraine, the balance of payments deficit was USD 275 mln in May, the lowest figure this year. The current account posted a surplus of USD 230 mln, while the capital account had a shortfall of USD 505 mln. In 5M09, the total balance of payments shortfall was USD 6,556 mln: only USD 660 mln of the sum was contributed by the current account imbalance, and the rest by the capital account. In May, exports fell 49.6% yoy, and imports 55.1% yoy. Andrii Parkhomenko: We reiterate our 2009 forecast for a current account deficit of USD 0.2 bln, and capital account of USD 7.8 bln. We also assume that Ukraine will receive funds prescribed by the IMF standby loan program in full (USD 7.2 still to be disbursed in 2009); otherwise the capital account shortfall could be wider.