Yaresko discussed the state of the Ukrainian economy in 2016

Despite rampant inflation and shaky steps towards recovery from recession, Ukraine will be able to continue modest growth in 2016, stated Ukraine's Finance Minister Natalia Yaresko.

'We have turned the corner, and I think we will see growth this year, and even if it is modest growth, it is growth. The aim is to exit the recession, restore stability, ensure new jobs and new purchasing power for people', Yaresko noted.

Ukraine received financial aid amounting to $17.5 billion from the International Monetary Fund (IMF) in 2015, which is disbursed in tranches. The program involves necessary reforms and strict spending cuts in Ukraine. Nevertheless, the country is making progress.

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Yaresko reported that most of the IMF aid went into the NBU reserves, and that the IMF program was 'absolutely necessary': 'It provides a rational basis for foreign investors and for our partners on the international stage'.

When the country brings its finances in order, according to Yaresko's forecasts, the target inflation rate in Ukraine of 12 percent will become 'very realistic'. The very high inflation rate last year (forecasted by the IMF at 46 percent) was associated with the devaluation of the national currency at the beginning of the year and the sharp rise in utility tariffs, such as gas prices for the population.

The financial situation in Ukraine is improving, but relations with its neighbor Russia remain fragile. Ukraine views Russia's interference as an invasion of its territory, aimed at destabilizing the country's government and part of a strategy to reclaim Ukraine, which is part of the former Soviet Union.

The conflict has undermined the already scant state finances of Ukraine and left Russia isolated on the world stage. Together with international forces, Ukraine has imposed sanctions against Russia that have impacted its economy.

Yaresko stated that the annexation of Crimea remains a pressing issue for Ukraine, and the country's president aims to keep Crimea at the forefront. 'The President of Ukraine recently held a press conference where he spoke about attempts to initiate dialogue so that Crimea does not leave the agenda because it will never disappear off the agenda for Ukraine', she said.

The Finance Minister said that the ongoing dispute with Russia over Crimea is currently in a state of 'fragile truce'.

'This is a very painful issue, it is a question of human rights, there are questions of borders and electricity - there is much to be done, and obviously, in the end, we would like to achieve peace and we would like our sovereignty and territorial integrity to be restored', the minister summarized.