The Ukrainian energy sector is going through a difficult period. Massive attacks on energy infrastructure in the spring
energy infrastructure in the spring caused serious damage, destroying or
most thermal and hydroelectric power plants. Restrictions on electricity consumption
electricity consumption are in place for industrial consumers, and on some days it is necessary to
blackout schedules for households have to be applied on some days. In the summer, the power system
is planned to be balanced by renewable energy sources. Preparing for the
for the next autumn and winter period requires significant efforts from the energy sector,
government and business. A separate important issue is the choice of a strategy for restoring
energy infrastructure to reduce its vulnerability to missile attacks.
At KIEF TALKS, we will discuss the state of the Ukrainian energy sector, plans and objectives for further
government’s actions to ensure energy security, as well as opportunities for
for the restoration and development of Ukraine’s energy sector. The event will become a platform for
dialogue between the state and business to restore and develop the energy sector in Ukraine.
Ukraine.
SPEAKERS:
– Natalia Boyko, Advisor to the Prime Minister of Ukraine on Energy, Deputy
of the Supervisory Board of Naftogaz of Ukraine
– Volodymyr Kudrytskyi, Chairman of the Board of NPC Ukrenergo
– Dmytro Sakharuk, Executive Director of DTEK
– Igor Tynnyi, entrepreneur, co-founder of the Ukrainian Association of Renewable Energy
Energy Association
– Andrian Prokip, Head of the Energy Program at the Ukrainian
Institute for the Future (Kyiv); Senior Fellow at the Kennan Institute
(Washington, DC)
MODERATOR:
Kyrylo Kryvolap, Head of the Center for Economic Recovery, Advisor to the Prime
Minister of Ukraine on a pro bono basis
Date: June 5
Time: 17:00-19:00
Registration and Welcome Drink start at 16:00
Venue will be sent after registration confirmation
Registration is required via the link:
https://forms.gle/VdvT1xjBZehyMwck6
The number of seats is limited.
Receipts of taxes, fees and mandatory payments to the general fund of the state budget of Ukraine, according to operational data, amounted to UAH 151.6 billion in May, compared to UAH 154.6 billion in April and UAH 164.3 billion in March, such operational data (as of 16:00 on May 31) reported the Ministry of Finance on its website.
According to its data, in May, through the State Tax Service revenues recovered to 99.8 billion UAH from 59.7 billion UAH in April, which is slightly less than 105.7 billion UAH in March.
It is specified that in May, income tax revenues increased to UAH 42.0 billion after falling to UAH 3.2 billion in April, partially offset by a one-time transfer of UAH 38.64 billion of profits by the National Bank. As reported, in March and February, income tax brought over UAH 60 bln monthly to the state budget, but part of it was paid in advance.
As for other taxes, personal income tax and military levy increased to UAH 17.3 billion (UAH 16.5 billion) in May, rent tax increased to UAH 5.8 billion (UAH 5.5 billion), and excise tax decreased slightly to UAH 11.4 billion (UAH 11.5 billion).
Value-added tax also fell to UAH 20.2 billion (UAH 22.8 billion): UAH 32.8 billion (UAH 34.8 billion) was collected and UAH 12.7 billion (UAH 12.0 billion) was refunded.
Receipts from the State Customs Service increased in May slightly decreased to UAH 48.4 billion from UAH 48.9 billion in April.
The Ministry of Finance pointed out that the monthly revenue estimates for the general fund of the state budget, according to operational data, were exceeded by 8.6% (+12.0 billion UAH), including by the State Tax Service – by 6.6% (+6.2 billion UAH), while the State Customs Service – by 12.1% (+5.2 billion UAH).
At the same time, there were no receipts to the general fund of the state budget of international aid in the form of grants, while in April they amounted to UAH 2.7 billion, in March – UAH 3.1 billion.
“In general, according to operational data, at the end of May 2024, the general and special funds of the state budget received 227.4 billion UAH (in April – 200.8 billion UAH, in March – 225.9 billion UAH) of taxes, fees and other payments. In addition, about UAH 42.0 billion (in April – UAH 40.1 billion) in the form of ERUs was received by the Pension Fund and social insurance funds,” the ministry added, thanking taxpayers for their contribution to the support of the Ukrainian army and financial stability of the country.
Data on expenditures in May are not yet available.
As reported, the Verkhovna Rada adopted the state budget for 2024 with a deficit of UAH 1.57 trillion, or 20.6% of projected GDP. Revenues of the state budget-2024 are set at UAH 1.77 trillion (not taking into account possible grant aid), expenditures – UAH 3.36 trillion at an average annual exchange rate of UAH 40.7/$1.
State budget-2023 revenues amounted to UAH 2.67 trillion, of which grant aid amounted to UAH 0.43 trillion. Cash expenditures of the state budget last year exceeded UAH 4 trillion, while the deficit amounted to UAH 1.33 trillion at an average annual exchange rate of about UAH 36.6/$1.
In late May, Finance Minister Serhiy Marchenko estimated the need for additional military expenditures in the 2024 state budget at $5 bln, while according to the head of the parliamentary committee on finance, tax and customs policy Daniil Getmantsev, “expert estimates that the actual gap is at least twice as large as the current estimate of UAH 200 bln ($5 bln) are not far from the truth”.
In this regard, the possibility of raising the military levy and value-added tax, as well as a number of excise taxes, is being considered.
Earlier Experts Club analytical center and Maxim Urakin released a video analysis on macroeconomics in Ukraine and in the world, more video analysis is available here.
Subscribe to Experts Club YouTube channel here – https://www.youtube.com/@ExpertsClub
On May 28, 2024, the Embassy of Azerbaijan in Ukraine hosted a reception in Kyiv on the occasion of the 106th anniversary of the establishment of the Azerbaijan Democratic Republic.
It has been 106 years since the establishment of the first democratic, legal and secular state in the Muslim East – the Azerbaijan Democratic Republic (ADR) on May 28, 1918, which was founded by Mammad Emin Rasulzade.
In a tense and complicated socio-political situation, the DDR lasted only 23 months. The independent Republic of Azerbaijan was occupied by the Bolsheviks and only after the collapse of the USSR did Azerbaijan regain its independence for the second time. The Republic of Azerbaijan, which restored its state independence on October 18, 1991, by the relevant Constitutional Act, proclaiming itself the successor of the Azerbaijan Democratic Republic, adopted its state attributes, including the national flag, national anthem and coat of arms.
The solemn event was attended by distinguished guests: foreign diplomats, representatives of the government, Islamic religious leaders, members of the Azerbaijani diaspora in Ukraine, cultural figures and educators.
The Ambassador Extraordinary and Plenipotentiary of the Republic of Azerbaijan to Ukraine, Y.V. Seymur Mardaliyev, addressed the audience with a welcoming speech.
In his speech, the Ambassador focused on the history and present of the Azerbaijan Democratic Republic.
“Today, under the leadership of President Ilham Aliyev, our country is realizing the hopes and ideals of the Democratic Republic of Azerbaijan. Azerbaijan is going through the most grandiose and successful period in its long history and has never been as strong as it is now,” the diplomat said.
The ambassador also noted that Azerbaijan was one of the first countries to provide humanitarian aid since the beginning of the full-scale Russian invasion of Ukraine and is ready to continue to provide this assistance.
Deputy Minister for Foreign Affairs of Ukraine Yevhen Perebyinis expressed greetings on behalf of the Ukrainian government.
Yevhen Perebyinis expressed gratitude to Azerbaijan for its consistent political, humanitarian and military support of Ukraine and expressed hope for further strengthening of the strategic partnership between the two countries.
On February 6, 1992, Ukraine and Azerbaijan established diplomatic relations. The Embassy of Ukraine in Azerbaijan has been operating since May 5, 1996, and the Embassy of Azerbaijan in Ukraine was opened on March 12, 1997.
In a new video on its YouTube channel, Kyiv-based think tank Experts Club has presented an analysis of economic trends in the first quarter of 2024 in Ukraine and globally based on official data from the State Statistics Service of Ukraine, the NBU, the UN, the World Bank, and expert forecasts.
Macroeconomic indicators of Ukraine
According to the Center’s founder, Maksym Urakin, in the first quarter of 2024, Ukraine’s GDP grew by 4.1% to 5.3% compared to the same period last year.
“The main growth factors were an increase in agricultural exports and production activity in certain industries. However, the negative balance of foreign trade in goods in the first quarter amounted to almost $6 billion, which is 10% more than last year. This is due to an increase in energy imports after the strikes on the Ukrainian energy sector in March,” Urakin said.
According to the founder of the Experts Club, Ukraine’s national debt has reached a new historical high of $151 billion, which is almost 6 trillion hryvnia in hryvnia equivalent. Inflation in Ukraine in the first quarter was 1% year-on-year, which is in line with the NBU’s target range.
Global economy
Maksym Urakin noted that analysts forecast that the global economy will grow by 2% in 2024, which is lower than expected at the end of last year. The main reasons for the slowdown are high interest rates in developed countries and global geopolitical uncertainty.
“The US economy grew by 1.6% in the first quarter of 2024, which is lower than the growth rate observed in previous quarters, but still at an acceptable level for the development of the country’s economy. China’s economy grew by 5% due to a partial recovery from the crisis and government injections into the technology cluster,” the expert summarized.
He also reminded that the European Commission expects the eurozone economy to grow by only 0.8% in 2024, even less than 1%.
“High inflation and weak domestic demand remain the main problems of the EU countries. However, the British economy showed a modest growth of 0.6%, which indicates a weak recovery after the pandemic and Brexit,” Urakin said.
The economic situation in the world remains tense and depends on many factors, including geopolitical risks and changes in the global economic and political landscape. Experts Club will continue to monitor the situation and provide up-to-date and balanced news.
You can learn more about the macroeconomics of Ukraine and the world in the video by following the link:
Subscribe to the Experts Club channel:
Shri Ravi Shankar has been appointed as the new Ambassador of India to Ukraine on May 30, 2024. This was reported the website of the Ministry of Foreign Affairs of India.
Shri Ravi Shankar, who is currently working as an additional secretary in the Ministry, has previously held positions in the Indian government. He is expected to take up his duties in the near future.
India recognized Ukraine’s independence on December 26, 1991. On January 17, 1992, diplomatic relations between Ukraine and India were established.
Source: mea.gov.in
The funeral service for Oleksandr Martynenko, the founder and head of the Interfax-Ukraine news agency, will take place on May 31 at 11:00 a.m. at Baikove Cemetery in Kyiv.
A bus transfer will be organized from Mykhailivska Square at 10:30 a.m. for those wishing to pay their last respects.
As a reminder, Oleksandr Martynenko passed away on Tuesday, May 28, at the age of 63.
Born in 1960, Oleksandr Martynenko graduated from the Economics Department of Kharkiv State University and founded and headed the Interfax-Ukraine news agency in 1992. He was also Deputy Head (1991) and Consultant (2001) of the Presidential Administration of Ukraine, Press Secretary of the President of Ukraine (1998-2001), Secretary of the Presidential Council on Information Policy (2001-2002), and member of the National Council on Television and Radio Broadcasting (2002-2003).
He is a holder of the Order of Merit III degree (2022), the Order of Prince Yaroslav the Wise, V degree (2020). Since 2010, he has been an Honored Journalist of Ukraine.
“Interfax-Ukraine is an independent Ukrainian news agency that has been operating in the Ukrainian political and economic information market since 1992. It produces more than 40 news products in four languages. The agency’s editorial office is located in Kyiv. “Interfax-Ukraine is not part of any foreign media holdings. The founder and owner of Interfax-Ukraine was Oleksandr Martynenko. As reported at the end of 2023, Interfax-Ukraine news agency became the official representative of the international company Dun & Bradstreet (D&B) in the Ukrainian market. The agency has been a member and official service provider of the American Chamber of Commerce in Ukraine since 2005.
