The only noteworthy subsidies are for rent, household energy, and collective transport. Beginning January 1995, export quotas and licenses are limited to four commodity groups, scrap metals, and grain. No quantitative barriers to imports exist. A strict monetary policy is being pursued with no emissions for two months. After a corrective price adjustment of 72 percent in November 1994, monthly inflation fell to 35 percent in December and to 22 percent in January 1995.
International financing remains a problem.
The United States, Canada, and the Netherlands contributed limited amounts. Still, an acute shortage of hard currency left both homes and offices cold in December. The IMF and Ukraine have negotiated a full-fledged standby program that should lead to full stabilization. Virtually all subsidies, including those to agriculture and coal, are to be abolished. A major problem in the negotiations has been pressure from vested interests for renewed export restrictions, but they appear to be fended off.