The process of fiscal correction could also not be sustained due to the pressures from the Fifth Pay Commission award. As a result, by the year 2001-02, all the major fiscal parameters, viz., revenue deficit, fiscal deficit and public debt rose to levels higher than those prevalent at the beginning of the reform process.
We understand that the road to full membership could be long and uncertain, but Ukraine needs a vision of integration with the EU, which can be of benefit to it in the near term. From our point of view, access to the European single market could be a core element of support.