Ukraine’s presidential elections have put the country back into the limelight of the international media, probably for the first time since the Orange Revolution of 2004.
However, apart from worthy praise earned from international observers on the democratic nature of the vote, Ukraine is hardly being seen in a positive light. The country is uniformly condemned for being plagued with corruption, having no clear direction and economic policy, lacking stability – in other words, for not living up to the high hopes of 2004.
In many ways, this criticism is justified. However, considering that Ukraine has just passed through its first severe financial crisis, the country’s economy has coped with the situation comparably well and is putting itself back on a recovery path. The banking sector has stabilized due to the joint effort of the International Monetary Fund, the central bank and the government, as well as the active support lent to local foreign-owned banks by their parent institutions.