Viktor Pynzenyk
Encyclopedia
Viktor Mykhailovych Pynzenyk (born April 15, 1954 in Smolohovytsia, Zakarpattia Oblast
) is a Ukrainian
politician, economist, and former Minister of Finance
. He is the former leader of the Reforms and Order Party
.
Pynzenyk has been credited with economic reform in post-Soviet Ukraine, helping to transform the country into a market economy
and introducing Ukraine's new currency, the hryvnia
in September 1996, with the help of Viktor Yushchenko
, at the time Chairman of the National Bank of Ukraine
.
(province
) of the Ukrainian SSR
(now Ukraine
) to Mykhailo and Mariya Pynzenyk. After completing his secondary education
, Pynzenyk studied at the Lviv State University
, from which he graduated in 1975 as an economist
. He stayed on in the same university until 1979 for the post-graduate work on his dissertation in Economics which he defended in 1980 receiving the degree of Candidate of Science (roughly Ph. D. equivalent). He continued his scientific work in the Moscow State University
where he received his Doktor of Science
degree in 1989. A year later, Pynzenyk became a professor of economics at his alma mater
—the Lviv University.
on January 4, 1992, and soon afterwards became a member of the economic reforms working group. Later that year, he became the Vice-Prime Minister of Ukraine
as well as the Minister of Economy. As minister, Pynzenyk introduced the first economic reforms in the newly independent Ukraine, helping transform the country into a market economy
.
In March 1992, Pynzenyk was elected to the second convocation
of the parliament as part of the "Reforms" faction, serving his mandate until April 1998. As an MP
, he participated in the finance and banking work group. From October 31, 1994 until September 5, 1995, he served as the country's First Vice-Prime Minister of Ukraine
, and from August 3, 1995 to April 7, 1997—as the Vice Prime Minister of Ukraine.
Viktor was elected to Verkhovna Rada for the third time in the 1998 Ukrainian parliamentary election
serving from March 1998 until the next election
in 2002. In 2002, Pynzenyk was elected as part of the "Our Ukraine" electoral bloc. Three years later, after the Orange Revolution
, Pynzenyk was chosen as the Minister of Economy on February 4, 2005, and served his post until August 2006. Then on November 3, 2007, he became a deputy of the Verkhovna Rada of the sixth convocation as a member of the Reforms and Order Party
, which participated in the elections
as part of the Yulia Tymoshenko Bloc.
Viktor Pynzenyk served as the Minister of Finance
of Ukraine
in the Prime Minister
Yulia Tymoshenko
's Cabinet
, elected on December 18, 2007. He offered his resignation on February 12, 2008 because he could not abandon the principles of a balanced budget with a minimum deficit, realistic revenue sources and limits on government borrowing. The Ukrainian Parliament still has to support this resignation. Tymoshenko's reaction to his resignation was: "Not all officials can withstand the challenges of a global economic crisis
, not all of them can work under pressure, and respond adequately to challenges. The weakest leave their combat posts and turn to other activities", Tymoshenko also stated: "He was in hospital and was not working for health reasons". President
Viktor Yushchenko
's reaction to Pynzenyk's resignation was of a different nature: "It is a pity that such people – professional, honest and devoted to state interests are unable to realize their potential being members of the Government, losing such voice is a great misunderstanding and unprofessional policy of the Government. I am assured that the whole range of negative processes in budgetary policy will follow". Pynzenyk, in conversation with United States Ambassador to Ukraine
John F. Tefft
at a meeting on February 22, 2010 showed "frustration at his inability to convince Tymosehnko to take advantage of the opportunity presented by the 2008–2009 Ukrainian financial crisis
to reform” (according to Tefft) and called Tymoshenko's decisions “normally guided by ‘adventurous populism,’” which she saw as a tool to “consolidate power in her own hands.”
On February 17, 2009 the Verkhovna Rada officially dismissed Pynzenyk. Pynzenyk was absent from the voting as he was in hospital.
Pynzenyk withdrawaled from the Reforms and Order Party in April 2010.
Pynzenyk was appointed deputy chairman of the supervisory council of UkrSibbank
in February 2011.
. He has been named an honorary professor of the Kyiv-Mohyla Academy, and the Economics Institute of Ternopil
. Additionally, he has been named an "Honored Economist of Ukraine" (as of 2004).
Viktor Pynzenyk is married to Mariya Romanivna (b. 1969), and they have two children:sons Volodymyr (b.1993) and Vitaliy (b.2007). He also has two daughters from the previous marriage Olga (b. 1981) and Yulia (b. 1989). Pynzenyk's hobbies include tourism, an interest in music, as well as playing the preferans
game. His income declaration for 2006 constituted 265,200 hryvnias
($
53,000). He drives a Toyota RAV4
and a Toyota 4Runner
.
Zakarpattia Oblast
The Zakarpattia Oblast is an administrative oblast located in southwestern Ukraine. Its administrative center is the city of Uzhhorod...
) is a Ukrainian
Ukraine
Ukraine is a country in Eastern Europe. It has an area of 603,628 km², making it the second largest contiguous country on the European continent, after Russia...
politician, economist, and former Minister of Finance
Cabinet of Ministers of Ukraine
The Cabinet of Ukraine is the highest body of state executive power in Ukraine also referred to as the Government of Ukraine...
. He is the former leader of the Reforms and Order Party
Reforms and Order Party
-History:The party was organized in October 1997 as a right-wing party, led by ex-vice Prime Minister Viktor Pynzenyk. And it was registered as the fiftieth political party in the history of Ukrainian modern politics....
.
Pynzenyk has been credited with economic reform in post-Soviet Ukraine, helping to transform the country into a market economy
Market economy
A market economy is an economy in which the prices of goods and services are determined in a free price system. This is often contrasted with a state-directed or planned economy. Market economies can range from hypothetically pure laissez-faire variants to an assortment of real-world mixed...
and introducing Ukraine's new currency, the hryvnia
Ukrainian hryvnia
The hryvnia, sometimes hryvnya or grivna ; sign: ₴, code: , has been the national currency of Ukraine since September 2, 1996. The hryvnia is subdivided into 100 kopiyok. In medieval times, it was a currency of Kievan Rus'....
in September 1996, with the help of Viktor Yushchenko
Viktor Yushchenko
Viktor Andriyovych Yushchenko is a former President of Ukraine. He took office on January 23, 2005, following a period of popular unrest known as the Orange Revolution...
, at the time Chairman of the National Bank of Ukraine
National Bank of Ukraine
National Bank of Ukraine is the central bank of Ukraine. Its headquarters building, constructed between 1902 and 1934, is located at no. 9 Institutska St., in Kiev-History:...
.
Early life
Viktor Pynzenyk was born on April 15, 1954 in Smolohovytsia, in the westernmost Zakarpattia OblastZakarpattia Oblast
The Zakarpattia Oblast is an administrative oblast located in southwestern Ukraine. Its administrative center is the city of Uzhhorod...
(province
Oblast
Oblast is a type of administrative division in Slavic countries, including some countries of the former Soviet Union. The word "oblast" is a loanword in English, but it is nevertheless often translated as "area", "zone", "province", or "region"...
) of the Ukrainian SSR
Ukrainian SSR
The Ukrainian Soviet Socialist Republic or in short, the Ukrainian SSR was a sovereign Soviet Socialist state and one of the fifteen constituent republics of the Soviet Union lasting from its inception in 1922 to the breakup in 1991...
(now Ukraine
Ukraine
Ukraine is a country in Eastern Europe. It has an area of 603,628 km², making it the second largest contiguous country on the European continent, after Russia...
) to Mykhailo and Mariya Pynzenyk. After completing his secondary education
Secondary education
Secondary education is the stage of education following primary education. Secondary education includes the final stage of compulsory education and in many countries it is entirely compulsory. The next stage of education is usually college or university...
, Pynzenyk studied at the Lviv State University
Lviv University
The Lviv University or officially the Ivan Franko National University of Lviv is the oldest continuously operating university in Ukraine...
, from which he graduated in 1975 as an economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
. He stayed on in the same university until 1979 for the post-graduate work on his dissertation in Economics which he defended in 1980 receiving the degree of Candidate of Science (roughly Ph. D. equivalent). He continued his scientific work in the Moscow State University
Moscow State University
Lomonosov Moscow State University , previously known as Lomonosov University or MSU , is the largest university in Russia. Founded in 1755, it also claims to be one of the oldest university in Russia and to have the tallest educational building in the world. Its current rector is Viktor Sadovnichiy...
where he received his Doktor of Science
Doktor nauk
Doktor nauk is a higher doctoral degree, the second and the highest post-graduate academic degree in the Soviet Union, Russia and in many post-Soviet states. Sometimes referred to as Dr. Hab. The prerequisite is the first degree, Kandidat nauk which is informally regarded equivalent to Ph.D....
degree in 1989. A year later, Pynzenyk became a professor of economics at his alma mater
Alma mater
Alma mater , pronounced ), was used in ancient Rome as a title for various mother goddesses, especially Ceres or Cybele, and in Christianity for the Virgin Mary.-General term:...
—the Lviv University.
Political and economic career
Pynzenyk was sworn in to Ukrainian parliamentVerkhovna Rada
The Verkhovna Rada of Ukraine is Ukraine's parliament. The Verkhovna Rada is a unicameral parliament composed of 450 deputies, which is presided over by a chairman...
on January 4, 1992, and soon afterwards became a member of the economic reforms working group. Later that year, he became the Vice-Prime Minister of Ukraine
Prime Minister of Ukraine
The Prime Minister of Ukraine is Ukraine's head of government presiding over the Cabinet of Ministers of Ukraine, which is the highest body of the executive branch of the Ukrainian government....
as well as the Minister of Economy. As minister, Pynzenyk introduced the first economic reforms in the newly independent Ukraine, helping transform the country into a market economy
Market economy
A market economy is an economy in which the prices of goods and services are determined in a free price system. This is often contrasted with a state-directed or planned economy. Market economies can range from hypothetically pure laissez-faire variants to an assortment of real-world mixed...
.
In March 1992, Pynzenyk was elected to the second convocation
Convocation
A Convocation is a group of people formally assembled for a special purpose.- University use :....
of the parliament as part of the "Reforms" faction, serving his mandate until April 1998. As an MP
Member of Parliament
A Member of Parliament is a representative of the voters to a :parliament. In many countries with bicameral parliaments, the term applies specifically to members of the lower house, as upper houses often have a different title, such as senate, and thus also have different titles for its members,...
, he participated in the finance and banking work group. From October 31, 1994 until September 5, 1995, he served as the country's First Vice-Prime Minister of Ukraine
Prime Minister of Ukraine
The Prime Minister of Ukraine is Ukraine's head of government presiding over the Cabinet of Ministers of Ukraine, which is the highest body of the executive branch of the Ukrainian government....
, and from August 3, 1995 to April 7, 1997—as the Vice Prime Minister of Ukraine.
Viktor was elected to Verkhovna Rada for the third time in the 1998 Ukrainian parliamentary election
Ukrainian parliamentary election, 1998
The second Ukrainian parliamentary election after the collapse of the Soviet Union took place on 29 March 1998. In comparison to the first parliamentary election, this time half of 450 parliament seats were filled by single-seat majority winners in 225 electoral regions , and the other half were...
serving from March 1998 until the next election
Ukrainian parliamentary election, 2002
Ukrainian parliamentary election of 2002 took place on March 31. Half of the deputies to Verkhovna Rada were elected on proportional basis, while the other half were elected by popular vote in single-mandate constituencies...
in 2002. In 2002, Pynzenyk was elected as part of the "Our Ukraine" electoral bloc. Three years later, after the Orange Revolution
Orange Revolution
The Orange Revolution was a series of protests and political events that took place in Ukraine from late November 2004 to January 2005, in the immediate aftermath of the run-off vote of the 2004 Ukrainian presidential election which was claimed to be marred by massive corruption, voter...
, Pynzenyk was chosen as the Minister of Economy on February 4, 2005, and served his post until August 2006. Then on November 3, 2007, he became a deputy of the Verkhovna Rada of the sixth convocation as a member of the Reforms and Order Party
Reforms and Order Party
-History:The party was organized in October 1997 as a right-wing party, led by ex-vice Prime Minister Viktor Pynzenyk. And it was registered as the fiftieth political party in the history of Ukrainian modern politics....
, which participated in the elections
Ukrainian parliamentary election, 2007
Early parliamentary elections in Ukraine took place on 30 September 2007. The date of the election was determined following agreement between the President Viktor Yushchenko, the Prime Minister Viktor Yanukovych and the Chairman of the Verkhovna Rada Oleksandr Moroz on 27 May 2007, in an attempt...
as part of the Yulia Tymoshenko Bloc.
Viktor Pynzenyk served as the Minister of Finance
Cabinet of Ministers of Ukraine
The Cabinet of Ukraine is the highest body of state executive power in Ukraine also referred to as the Government of Ukraine...
of Ukraine
Ukraine
Ukraine is a country in Eastern Europe. It has an area of 603,628 km², making it the second largest contiguous country on the European continent, after Russia...
in the Prime Minister
Prime Minister of Ukraine
The Prime Minister of Ukraine is Ukraine's head of government presiding over the Cabinet of Ministers of Ukraine, which is the highest body of the executive branch of the Ukrainian government....
Yulia Tymoshenko
Yulia Tymoshenko
Yulia Volodymyrivna Tymoshenko , née Grigyan , born 27 November 1960, is a Ukrainian politician. She was the Prime Minister of Ukraine from 24 January to 8 September 2005, and again from 18 December 2007 to 4 March 2010. She placed third in Forbes Magazine's List of The World's 100 Most Powerful...
's Cabinet
Cabinet of Ministers of Ukraine
The Cabinet of Ukraine is the highest body of state executive power in Ukraine also referred to as the Government of Ukraine...
, elected on December 18, 2007. He offered his resignation on February 12, 2008 because he could not abandon the principles of a balanced budget with a minimum deficit, realistic revenue sources and limits on government borrowing. The Ukrainian Parliament still has to support this resignation. Tymoshenko's reaction to his resignation was: "Not all officials can withstand the challenges of a global economic crisis
Late 2000s recession
The late-2000s recession, sometimes referred to as the Great Recession or Lesser Depression or Long Recession, is a severe ongoing global economic problem that began in December 2007 and took a particularly sharp downward turn in September 2008. The Great Recession has affected the entire world...
, not all of them can work under pressure, and respond adequately to challenges. The weakest leave their combat posts and turn to other activities", Tymoshenko also stated: "He was in hospital and was not working for health reasons". President
President of Ukraine
Prior to the formation of the modern Ukrainian presidency, the previous Ukrainian head of state office was officially established in exile by Andriy Livytskyi. At first the de facto leader of nation was the president of the Central Rada at early years of the Ukrainian People's Republic, while the...
Viktor Yushchenko
Viktor Yushchenko
Viktor Andriyovych Yushchenko is a former President of Ukraine. He took office on January 23, 2005, following a period of popular unrest known as the Orange Revolution...
's reaction to Pynzenyk's resignation was of a different nature: "It is a pity that such people – professional, honest and devoted to state interests are unable to realize their potential being members of the Government, losing such voice is a great misunderstanding and unprofessional policy of the Government. I am assured that the whole range of negative processes in budgetary policy will follow". Pynzenyk, in conversation with United States Ambassador to Ukraine
United States Ambassador to Ukraine
The history of Ambassadors of the United States to Ukraine began in 1992.Until 1991 the Ukrainian Soviet Socialist Republic had been a constituent SSR of the Soviet Union. Upon the breakup of the USSR, the parliament of Ukraine declared the nation’s independence on August 24, 1991...
John F. Tefft
John F. Tefft
John F. Tefft is the United States Ambassador to Ukraine. He has been a career Foreign Service Officer for thirty-three years.Tefft is also a former United States Ambassador to Georgia and Lithuania, as well as former Chargé d'Affaires of the U.S...
at a meeting on February 22, 2010 showed "frustration at his inability to convince Tymosehnko to take advantage of the opportunity presented by the 2008–2009 Ukrainian financial crisis
2008–2009 Ukrainian financial crisis
Ukraine was hit heavily by the late-2000s recession, the World Bank expects Ukraine's economy to shrink 15% in 2009 with inflation being 16.4%....
to reform” (according to Tefft) and called Tymoshenko's decisions “normally guided by ‘adventurous populism,’” which she saw as a tool to “consolidate power in her own hands.”
On February 17, 2009 the Verkhovna Rada officially dismissed Pynzenyk. Pynzenyk was absent from the voting as he was in hospital.
Pynzenyk withdrawaled from the Reforms and Order Party in April 2010.
Pynzenyk was appointed deputy chairman of the supervisory council of UkrSibbank
UkrSibbank
«UkrSibbank» - full name Public joint-stock company “UkrSibbank”. It was registered on June 18, 1990. As of today, JSC «UkrSibbank» is the third largest bank of Ukraine, the second among foreign-owned banks, and acts as a financial supermarket....
in February 2011.
Personal life
Despite his career in politics, Viktor Pynzenyk remains a professor at the Lviv UniversityLviv University
The Lviv University or officially the Ivan Franko National University of Lviv is the oldest continuously operating university in Ukraine...
. He has been named an honorary professor of the Kyiv-Mohyla Academy, and the Economics Institute of Ternopil
Ternopil
Ternopil , is a city in western Ukraine, located on the banks of the Seret River. Ternopil is one of the major cities of Western Ukraine and the historical region of Galicia...
. Additionally, he has been named an "Honored Economist of Ukraine" (as of 2004).
Viktor Pynzenyk is married to Mariya Romanivna (b. 1969), and they have two children:sons Volodymyr (b.1993) and Vitaliy (b.2007). He also has two daughters from the previous marriage Olga (b. 1981) and Yulia (b. 1989). Pynzenyk's hobbies include tourism, an interest in music, as well as playing the preferans
Preferans
Preferans is an Eastern European 10-card plain-trick game with bidding, played by three players with a 32-card Piquet deck. It is a sophisticated variant of the Austrian game Préférence, which in turn descends from Spanish Ombre and French Boston....
game. His income declaration for 2006 constituted 265,200 hryvnias
Ukrainian hryvnia
The hryvnia, sometimes hryvnya or grivna ; sign: ₴, code: , has been the national currency of Ukraine since September 2, 1996. The hryvnia is subdivided into 100 kopiyok. In medieval times, it was a currency of Kievan Rus'....
($
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
53,000). He drives a Toyota RAV4
Toyota RAV4
The Toyota RAV4 is a compact crossover SUV from Toyota. It was the first compact crossover SUV, introduced in Japan and Europe in 1994 and beginning sales in North America in 1996...
and a Toyota 4Runner
Toyota 4Runner
The Toyota 4Runner is a mid-size SUV manufactured by Toyota and sold throughout the world from 1984 to the present. In Japan it was known as the Toyota Hilux Surf...
.