The new leadership of the High Qualifications Commission of Judges (HQCJ) should be virtuous and independent, the Italian Presidency of the G7 Ambassadors Support Group in Kiev said in a statement published on social network X on Thursday.
“The G7 Ambassadors are closely following the news of the High Qualifications Commission of Judges and call for a transparent selection process for the new leadership, which should be virtuous and independent. Advancing reforms and filling the courts with vetted judges is critical to public confidence in the judiciary and private sector investment,” the statement reads.
According to Interfax-Ukraine, on March 27, the HQCJ granted the application of the commission’s chairman, Roman Ihnatov, to dismiss him from the position of a member of the commission at his own request. He had been heading the commission since June 6, 2023.
President of Ukraine Volodymyr Zelensky during his working visit to Sumy region took part in the first regional meeting on the new program of economic policy “Made in Ukraine”.
“For the first time held a regional meeting regarding our new program of economic policy “Made in Ukraine”. There is a substantial amount of funds for this year for all regions of our state. Guaranteed for Sumy region as well,” he said in the evening video message.
Thus, according to him, as a result of this meeting, there are already specific tasks for members of the government, the State Property Fund, the Office of the President and regional authorities, and there are signed contracts for the Ukrainian defense-industrial complex.
Zelensky, in particular, said there are new contracts for automated fire-fighting systems, new FPV drones, and simulators for mobile firing teams to help shoot down Shaheds more effectively.
“I am proud that every month more and more companies, more and more developers are offering concrete samples of weapons, shells, equipment, mine clearance vehicles and everything that is needed on the frontline and will save the lives of our people,” he said.
In addition, during his visit to Sumy region, the president held a lengthy coordination meeting on internal security in the region – from shelters to countering crime, and on all defense issues.
“Very substantive. As for the economy and the social situation: now the general task – and the government, and the regional authorities and heads of communities to give every opportunity that here in our Sumy region there were jobs, that social protection worked, that there were reliable revenues to the budget,” – said Zelensky.
On March 26, Kyiv hosted the presentation of the new season of the visionary women’s accelerator “Vzvazhna 2. Scaling and Digitalization”. Its goal is to help Ukrainian women start or develop an existing business. The new season of the Vzvazhna accelerator is a logical continuation of the first iteration of the project and is aimed at digitalizing and scaling up their own business.
“The development of Ukrainian entrepreneurship is one of the main priorities of the Ministry of Digital Transformation. That is why we have launched the Diia.Business project and are implementing services in Diia that accelerate and simplify the launch and scaling of your own business. We also continue to implement programs and initiatives that help entrepreneurs develop their businesses. One of them is the visionary accelerator Vzvazhna, which has united a community of 5,000 entrepreneurs. In the first season, the project’s winners raised UAH 1.3 million to develop their businesses. The new season will allow us to launch and scale even more businesses, as small and medium-sized businesses are the backbone of our economy,” said Mykhailo Fedorov, Vice Prime Minister for Innovation, Education, Science and Technology, Minister of Digital Transformation of Ukraine.
“Vzvazhna offers future and active entrepreneurs a 4-month course in financial planning and management, marketing and sales, business digitalization tools, taxation, accounting, and tools for entering foreign markets.
“Supporting Ukrainian women on their way to entrepreneurship has always been one of our priorities. Especially now, when 60% of new sole proprietorships are started by women. Last year, together with our partners, we launched the Vzvazhna accelerator. It brought together thousands of women entrepreneurs in a large community. Each participant gained the necessary knowledge and support on their way to starting or scaling their own business. Their stories inspired us to continue the program. Today, we are launching the second season of the accelerator to provide even more opportunities for Ukrainian women in the entrepreneurial sphere,” said Valeria Ionan, Deputy Minister of Digital Transformation of Ukraine for European Integration.
Based on the results of the training, 40 participants will receive UAH 100,000 each to implement their business ideas. At the final event, Grand Pitch Day, 12 finalists will compete for the main project incentive in the following categories: “Debutante, Visionary, and Barrier-Free Business Project. The three business projects with the highest scores from the jury will each receive an additional UAH 400,000 to develop their own business.
“The successful launch of the Vzvazhna project is an appropriate and timely occasion to emphasize the need to digitalize even more Ukrainian SMEs, which is one of Visa’s main focuses. The goal of this year’s accelerator is to scale and take the businesses of brave Ukrainian women to the next level. Owning their own successful business gives women access to shaping the country’s economic agenda, financial independence and mobility, creating new jobs, increasing production or services, filling the state budget with taxes, and, as a result, strengthening Ukraine’s role on the global business map. Mza is ready to support entrepreneurs in every step of their journey, thus expanding access to the digital economy,” said Svitlana Chyrva, Vice President, Regional Manager for Ukraine and Moldova at Visa.
The accelerator will combine two learning formats:
The accelerator participants will also receive additional offers that will accelerate business digitalization from Visa: monobank, Ukrposhta, Checkbox, Shop-Express.
“According to a study on the needs and problems of women entrepreneurs, more than a third of Ukrainian women surveyed say that one of the most common obstacles is lack of access to free training programs, noting financial literacy as one of the most popular areas for improving competencies. It is important to note that other important areas of development identified by entrepreneurs are the digitalization of business processes and the systematization of information. All of this data is concrete evidence that future and active entrepreneurs are striving to improve their skills, develop their own businesses, scale up, and innovate. The Vzvazhna accelerator will become a catalyst for meeting these needs by providing the necessary knowledge and resources for successful business operations,” said Andriy Remizov, Director of the State Agency “Office for Entrepreneurship and Export Development.”
The accelerator participants will also receive additional offers that will accelerate business digitalization from Viza’s partners: TopBank, Ukrposhta, Checkbox, Shop-Express.
“According to a study on the needs and problems of women entrepreneurs, more than a third of Ukrainian women surveyed say that one of the most common obstacles is lack of access to free training programs, noting financial literacy as one of the most popular areas for improving competencies. It is important to note that other important areas of development identified by entrepreneurs are the digitalization of business processes and the systematization of information. All of this data is concrete evidence that future and active entrepreneurs are striving to improve their skills, develop their own businesses, scale up, and innovate. The Vzvazhna accelerator will become a catalyst for meeting these needs by providing the necessary knowledge and resources for successful business operations,” said Andriy Remizov, Director of the State Agency “Office for Entrepreneurship and Export Development.”
To learn more about the project and apply for participation, please visit the Program’s landing page here: https://www.vidvazhna.com.ua/#about. The application deadline is April 28, 2024 (23:59).
The project will run from April to September 2024. You can watch the recording of the Program presentation here.
In 2023, Vzvazhna brought together more than 5,000 Ukrainian women who received online and offline training at 10 Diia.Business entrepreneurial support centers. As a result of the program, 6 Ukrainian women raised UAH 1.3 million to start and develop their own businesses.
The new season of the visionary women’s accelerator “Vzvazhna 2. Scaling and Digitalization” is being implemented by the Diia.Business network of entrepreneur support centers with the assistance of the Ministry of Digital Transformation of Ukraine, the Office for Entrepreneurship and Export Development, and with the support of the USAID Ukraine Confidence Building Initiative (UCBI) and the global initiative She’s Next Empowered by Visa.
On March 23, the Islamic Cultural Center of the capital hosted a solemn Iftar in honor of the holy month of Ramadan and the Day of Pakistan. This event became a meeting place for Pakistani citizens living in Ukraine, as well as other distinguished guests.
The event began with a traditional prayer, after which the Ambassador Extraordinary and Plenipotentiary of the Islamic Republic of Pakistan, H.E. Major General (Retired) Nadir Khan delivered a speech in which he quoted the main points from the address to the Pakistani nation by the President of the Republic Asif Ali Zardari.
In his address, the President of Pakistan emphasized the importance of the historic “Pakistan Resolution” of 1940, which marked the beginning of the formation of an independent state. He recalled the tireless efforts and sacrifices of the ancestors for the sake of freedom and emphasized the importance of unity and joint efforts in overcoming current challenges such as inflation, unemployment and terrorism.
Emphasizing his commitment to democratic values and economic recovery, the President also called on citizens to unite for a future “full of peace, progress and stability.”
“Let us work for a Pakistan that is united around common values,” he emphasized, calling for a state where there are no differences but unity.
The Islamic Republic of Pakistan recognized Ukraine’s independence on December 31, 1991. On March 16, 1992, diplomatic relations between Ukraine and Pakistan were established. The Embassy of Pakistan has been operating in Kyiv since October 1997.
Photo source: https://www.facebook.com/UkrDiplomatic
On March 23, 2024, the Embassy of the Islamic Republic of Pakistan in Ukraine held a solemn ceremony of raising the national flag on the occasion of Pakistan Day.
Every year on March 23, Pakistanis celebrate the adoption of the Pakistan Resolution of 1940 by the All India Muslim League in Lahore on the creation of an independent state for Muslims.
Since then, the struggle for the creation of Pakistan intensified and only seven years after the adoption of the Pakistan Resolution on August 14, 1947, Pakistan emerged.
After the reading of the Holy Quran, the Ambassador Extraordinary and Plenipotentiary of the Islamic Republic of Pakistan, H.E. Major General (Retired) Nadir Khan raised the national flag during the performance of the national anthem of Pakistan.
Messages from the President of Pakistan Mr. Asif Ali Zardari, Prime Minister Mr. Shahbaz Sharif and Minister for Foreign Affairs of Pakistan Mr. Mohammad Ishaq Dar were also read out.
The ceremony concluded with a prayer for the well-being and prosperity of the people of Pakistan, the Muslim Ummah and humanity, as well as for the return of peace and prosperity to Ukraine.
The Islamic Republic of Pakistan recognized the independence of Ukraine on December 31, 1991. On March 16, 1992, diplomatic relations between Ukraine and Pakistan were established. The Embassy of Pakistan has been operating in Kyiv since October 1997.
Photo source: https://www.facebook.com/UkrDiplomatic
The International Monetary Fund (IMF), following the third revision of Ukraine’s EFF Extended Fund Facility program, still considers the baseline scenario as the end of active hostilities in 2024, however, in the updated negative scenario, where the assumption of a more intense war that will last into 2025 remains, the Fund has slightly improved the macro outlook.
“Assuming that the shock starts in the second quarter of 2024, the contraction of the economy reaches 4% in 2024, compared to growth of 3-4% in the baseline scenario. A longer and more intense war is expected to have a significant impact on economic sentiment, the rate of return of migrants, fiscal spending needs, and export capacity,” the IMF said in a submission published on its website.
According to its estimates, inflation in 2024 in such a negative scenario will also be higher – 10% compared to 8.5% in the baseline scenario.
At the same time, last December, after the second revision of the program, the IMF in the negative scenario for 2024 expected a decline in GDP by 5% with inflation of 11%.
As for 2025, the forecast of GDP growth and inflation in the negative scenario was kept at the same level – 0% and 8.5%, respectively, while in the baseline scenario the Fund expects economic growth of 6.5% with inflation of 7%.
In addition, the updated negative scenario significantly improved the estimate of the trade deficit for this year – by $5.8 bln to $33.1 bln ($28.7 bln in the base case), respectively, the NBU reserves will be reduced to $34.4 bln ($42.1 bln in the base case), not $32.4 bln, as expected in December.
In addition, the forecast of the state budget deficit has been raised by 1.4 percentage points (p.p.) to 17.6% of GDP (13.7% of GDP in the base case), while the estimate of the state debt has been reduced by 5.5 p.p.. – to 105.9% of GDP (94% of GDP in the base case).
“Given the reserve holdings, some intervention is expected to prevent excessive exchange rate volatility and inflation carryover. Unlike in the baseline scenario, in the downside scenario, inflation will take longer to return to the target level,” the materials said.
According to them, the estimate of the increase in donor funding compared to the baseline scenario was left unchanged at $140.6 billion versus $121.8 billion in the baseline scenario.
“If the severity of shocks takes the country beyond the downside scenario, additional measures may be required, and the authorities have the commitment and capacity to implement them. Repeated shocks beyond the downside scenario could force the authorities to take temporary unconventional measures,” the Fund also pointed out.
Depending on the size of the financing need, according to IMF experts, extraordinary measures that could further raise revenues (e.g. a solidarity tax as a complement to the personal income tax, and/or an additional tax on luxury goods, or excise taxes/levies) and mobilization of domestic bond financing on an even larger scale, as well as monetary financing within program parameters, may be needed. “The latter could include, if necessary, administrative measures requiring banks to hold government securities at a set amount or with a minimum holding period, possibly differentiating banks according to individual liquidity conditions. Secondary purchases of government bonds by the NBU could also support the primary market,” the Fund explained.
Instruments such as inflation- or exchange rate-linked bonds could also be considered, he said.
In addition, says MF, while the scope for fiscal tightening is limited, it will have to be considered as well, as ultimately spending in some categories depends on the inflow of external financing.
“Overall, the extensive discussions with the authorities on contingency plans during the Third Review reaffirm that the program remains credible even in the event of such a negative scenario. The authorities’ political commitment and track record, as well as renewed financial guarantees from international partners and expected debt relief, give confidence that even in this updated deterioration scenario, the program’s objectives of maintaining macroeconomic and financial stability and restoring debt sustainability in the future will be achieved,” the Fund concluded, noting that the authorities are prepared to take appropriate policy measures if necessary.
It is specified that in the fiscal sphere, the bulk of the adjustment will be done through fiscal measures that can be effectively and quickly implemented to increase revenues, while some expenditures should be made contingent on available financing.
“Temporary pressure on the managed floating exchange rate regime under the negative scenario may require the reintroduction of some of the exchange controls used earlier during the war,” the IMF also noted.
The materials note that the risks to both forecasts – both basic and negative – remain extremely significant and continue to develop against the background of prevailing uncertainty. Among the main risks, the Fund categorized the risks associated with a serious shortfall in external financing and/or the impact of a more intense and prolonged war. It is explained that shortages or prolonged delays in donor funding could require the authorities to take swift countermeasures to overcome liquidity pressures, which could weaken confidence and further dampen growth, and be potentially destabilizing if uncertainty lasts too long.
Whereas, as the war continues, defense spending needs could increase significantly due to mobilization and increased intensity of hostilities, which could negatively affect confidence and lead to financing gaps.
“In the event of serious negative shocks, the authorities may resort to suboptimal measures (e.g., accumulation of budgetary arrears and cuts in social spending). The negative sentiment that may arise from this could lead to social unrest,” indicated another IMF risk.
It is emphasized that the 2025 budget will need to take into account continued risks and allow for greater Ukrainian autonomy to meet priority expenditures. “While the baseline scenario expects the war to end by the end of 2024, significant needs for defense, reconstruction, social protection, and economic development are likely to remain. At the same time, external budgetary support, while still substantial, is expected to decline sharply. Thus, additional efforts to increase revenues will be required,” the Fund noted.
According to the updated program, while in 2023 external financing amounted to $42.5 billion, and this year it is projected at $38.1 billion, next year it is expected to drop to $22.9 billion.
Earlier, the Experts Club think tank released a video on how countries’ GDPs have been changing in recent years, more video analysis is available here –
