European Parliament President Hans-Gert Pottering has expressed concern over the deepening economic recession in Ukraine.

The global financial crisis has severely hit Ukraine, and the European Parliament is extremely concerned about that, Pottering told the Verkhovna Rada on Monday.

A decision on resumed cooperation with the International Monetary Fund (IMF) should be based on the political will and courage of Ukrainian politicians, so that economic reforms are fulfilled, the budget deficit lessens and conditions for business improve, Pottering said.