Ukrainian leaders compromise on IMF conditions

Yesterday Ukrainian leaders compromised on several key issues the International Monetary Fund requested in order to continue collaboration and secure the second tranche of the USD 16.4 bln loan program. Vice Prime Minister Grygoriy Nemyrya said yesterday following a meeting between President Viktor Yushchenko, Prime Minister Yulia Tymoshenko, National Bank of Ukraine Head Volodymyr Stelmakh, and Verkhovna Rada Speaker Volodymyr Lyvtyn that the government made several decisions to ensure the independence of the NBU, make changes to the state’s bank recapitalization program and cancel contentious articles in the state budget law for 2009. Look for a flash note from us later today for more details.