Companies@UA: База компаний Украины

Kyiv, July 17 (Interfax-Ukraine) – Economy Minister Bohdan Danylyshyn says the Accounting Chamber's concerns that hyperinflation may occur in Ukraine are groundless.

"I think that all the calculations and analysis of the situation manifest that there will be no hyperinflation by the end of the year. And such statements are groundless," he told Interfax-Ukraine on Friday.

As reported earlier, the Accounting Chamber of Ukraine (ACU) has recently warned of the threat of hyperinflation in the country.

"The devaluation of the law on the state budget and the substitution of the parliament's functions by Cabinet of Ministers resolutions are a good foundation for a further economic downturn. This foundation [could] help [boost] inflation to the level of hyperinflation, such a level that the results of 1993 and 1994 could appear to be child's play," ACU Chairman Valentyn Symonenko said at a press conference at the Interfax-Ukraine news agency on Thursday.

In April 2009, the IMF announced its World Economic Outlook, forecasting December-over-December inflation in Ukraine in 2009 at 15%.

However, the updated June 2009 Memorandum of Economic and Financial Policies (MEFP), which was approved within the framework of cooperation with the International Monetary Fund (IMF), predicts Ukraine's inflation at 16%.

Early in July, Ukrainian Premier Yulia Tymoshenko said that the IMF might improve the inflation forecast in Ukraine in 2009 to 10-13%.

The government's official inflation forecast for 2009 is 9.5%. After the first six months of 2009, inflation in Ukraine has already reached 8.6%.