Ukraine has entered uncharted political waters by choosing Volodymyr Zelenskiy, ...
LONDON - Ukraine has entered uncharted political waters by choosing Volodymyr Zelenskiy, a comedian with no previous political experience and few detailed policies, as its new president.
The president appoints the head of the state security service, the head of the military, the general prosecutor, the central bank governor and the foreign and defense ministers. But parliament must confirm each appointment — and there’s the rub. He does not actually have a full slate of policies yet but he brought in two former ministers as advisers for his campaign: former finance minister Oleksandr Danylyuk and former economy minister Aivaras Abromavicius.
But Ukraine’s patchy reform efforts led to repeated delays in its previous IMF program that ended up disbursing only $8.7 billion of a planned $17.5 billion. Ukraine’s economic backdrop has improved in recent years though, with much smaller twin deficits , lower public sector debt and a stable currency. It also has over $20 billion in FX reserves, which is over four months of import cover, according to S&P Global.One concern is Zelenskiy’s ties to oligarch Igor Kolomoisky, the former owner of Ukraine’s biggest lender PrivatBank, which was nationalized in 2016.
Ukrainian presidential candidate Volodymyr Zelenskiy reacts following the announcement of the first exit poll in a presidential election at his campaign headquarters in Kiev, Ukraine April 21, 2019. REUTERS/Stringer
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