KIEV, June 3 – The program of the Ukrainian authorities on tackling the crisis, which was supported by the International Monetary Fund under the second review of its stand-by program with the country, will focus on three key areas - fiscal policies; the consistent implementation of a flexible exchange rate regime to cushion the economy from external shocks; and a comprehensive restructuring of the banking sector geared toward restoring financial stability and resuming credit growth.

According to the memorandum of Ukraine's economic and financial policies released by the IMF, Ukraine's real GDP is projected to decline by 8% in 2009, compared to 3% initially expected in the program, from UAH 1.112 trillion to UAH 0.99 trillion.