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Amer Bisat
This paper discusses issues related to the gas arrears ‘crisis’ in Ukraine. It concludes that the problem, which can be traced to policy distortions, can be contained through an acceleration of structural reforms. The paper examines the nature of the contractual relations between Ukraine and its foreign suppliers; the role of the de facto government guarantee for gas import payments; the process of imposing financial discipline on non-payers; the nature of gas-related subsidy schemes; and the methods used in calculating domestic energy prices. An Appendix derives lessons from the Estonian case--an economy which, despite relatively similar initial conditions, avoided the emergence of energy payment difficulties. This is a Paper on Policy Analysis and Assessment and the author(s) would welcome any comments on the present text. Citations should refer to a Paper on Policy Analysis and Assessment of the International Monetary Fund, mentioning the author(s) and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.
Amer Bisat

stock of external arrears declined by US$0.2 billion during the second half of the year. The stock of domestic arrears--which, in the Ukrainian context, is closely associated with external arrears--was equivalent to 6 and 5 percent of GDP at the end of 1993 and 1994, respectively. The pace of domestic gas arrears accumulation quickened during the first half of 1995 with the increase during each of the first and second quarters amounting to 10 and 7.5 percent of the respective quarter’s GDP. The flow of arrears accumulation declined significantly during the third

International Monetary Fund
This Selected Issues paper reviews the external competitiveness of the Belarusian economy, particularly in 2000–01. The analysis starts with an overview of developments in Belarus’ external current account. The paper then examines various competitiveness indicators, most importantly changes in external and internal real exchange rates, as well as labor cost measures. It reviews trade data by sectors to explain recent export performance. The paper also provides an overview of current wage policy and its macroeconomic effects.
Amer Bisat

Government Subsidies IV. Structure of the Ukrainian Heating Sector V. Energy Arrears--Lessons from the Estonian Experience Tables 1. Ukraine: Domestic and External Gas Arrears; 1993-94 2. Ukraine: Energy Utility Price Increases Relative to Wage Increases; 1992-94 3. Ukraine: Energy Arrears--Summary of Recommended Measures 4. Estonia: Energy Related Arrears; 1993-94

Emine Gürgen and Hrant Bagratian

REFERENCES Amor , Stuart ., “ What is good for Russia is Good for Gazprom ”, CS First Boston , September 18 , 1996 . Bacon , Robert , “ Lessons from Power Sector Reform ”, The World Bank , Viewpoint , October 1995 , Note No. 61 . Begg , David , and Richard , Portes , “ Enterprise Debt and Economic Transformation: Financial Restructuring of the State Sector in Central and Eastern Europe ”, CEPR Discussion Paper, No. 695 , London , June 1992 . Bisat , Amer , “ Ukraine’s Gas Arrears: Issues and

International Monetary Fund. External Relations Dept.

July 1, 1996 Contents Indochina’s Economic Transition Camdessus on Globalization in Latin America Table of IMF Arrangements World Development Report IMF Co-Sponsors Workshop on Banking Supervision From the Executive Board Recent Use of IMF Credit Camdessus Tribute to Edward M. Bernstein Ukraine’s Gas Arrears Selected IMF Rates Front Matter Page July 15, 1996 Contents Interview with Jack Boorman on Debt Initiative Camdessus at Lyons on G-7 and Globalization Highlights of G-7 Communiqué Camdessus on the Global

International Monetary Fund

credit to priority sectors. Since then, the government publicly committed to discontinue this practice. 19. Despite the subsidies, energy payment arrears are accumulating. The stock of domestic electricity and heating arrears reached about 3 percent of GDP and gas arrears totaled about 4½ percent of GDP at the end of 2000. Agricultural enterprises were the largest debtors, followed by housing and communal services, construction, and education entities. Domestic energy arrears increased further in 2001. As of end-October, the stock of electricity and heat arrears grew

International Monetary Fund. External Relations Dept.

debt position. Mozambique joined the IMF on September 24, 1984. Its quota is SDR 84.0 million (about $122 million). Its outstanding use of IMF credit currently totals SDR 131 million (about $189 million). Press Release No. 96/33, June 21 Dealing with Ukraine’s Gas Arrears Problem Since the dissolution of the former Soviet Union in 1991, Ukraine has accumulated substantial domestic and external payments arrears, much of which are associated with the gas sector. A recent IMF study maintains that these gas arrears have further weakened Ukraine’s economic

International Monetary Fund. External Relations Dept.

New Zealand Reforms Dec 16, 405 . Assessing the Adjustment Strategy in Africa Feb 19, 62 . Budget Procedures and Institutions Influence Budget Outcomes Oct 28, 358 . CFA Franc Countries: Progress and Challenges After Devaluation Jun 3, 186 . Countries in Transition Reap Major Gains from Trade Nov 25, 384 . Countries with Big Governments Run Risk of Slower Growth Feb 19, 68 . Currency Boards Circumscribe Discretionary Monetary Policy May 20, 178 . Dealing with Ukraine’s Gas Arrears Problem Jul 1, 226 . Deficit Reduction, Decentralization