The second round of “constructive talks” with the IMF (without any agreement) confirmed our suspicion that the Ukrainian government does not intend to resume cooperation with the Fund under easy access to external markets. Given this backdrop, we have to lower our GDP growth forecast down to 0.5% y/y in 2013 and also we have to adjust CPI forecast down to 0.8% y/y in view of no gas tariff increase plan for this year. More about recent tendencies you can read in our new report “A Plan for Life without the IMF”. The full report could be obtained through subscription at Global Source (www.globalsourcepartners.com). Trial access is available.