Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva expressed concern about the growing amount of government debt during a speech on Wednesday ahead of the annual meeting of the IMF and the World Bank.
Global government debt is projected to exceed 100 percent of GDP by 2029 at the expense of both developed and emerging economies.
“Higher debt increases interest payments, puts pressure on borrowing costs, constrains other spending, and reduces the ability of governments to cushion shocks,” Georgieva said.
As a result, she said, aid from developed nations to the neediest countries unfortunately continues to decline.
The rate of increase in the global economy is expected to be around 3% in the medium term, down from 3.7% before the COVID-19 pandemic.
“Global growth patterns have changed over the years, with China’s rate of recovery in particular steadily slowing, while India is emerging as a key engine of growth,” the IMF chief notes.
“Sustained growth requires higher private sector productivity. To achieve this, governments must ensure and protect the essential elements of a free market, including property rights, rule of law, reliable data, effective bankruptcy codes, strong financial sector supervision, and independent but accountable institutions,” she said.
Georgieva said that in too many countries, private sector productivity is “entangled in red tape” and startups are not emerging or cannot grow. “Competition is key and regulation should not allow or create an unfair advantage,” she believes.
“So today I am calling on all our member countries to undertake a regulatory housecleaning to unleash entrepreneurial energy backed by strong institutions and governance. Now is not the time to harm ourselves: now is the time to clean up,” the IMF chief said.
She also called on “my beloved, native Europe” to act.
“Consider appointing a ‘single market czar’ with real powers to push reforms forward. Eliminate border frictions in the labor market, trade in goods and services, energy and finance. Create a single European financial system. Create an energy union. Finalize your project. And watch the dynamics of the US private sector,” Georgieva said.
According to her, “one picture can say more than a thousand words.” “Look at how seven US mega-companies, none of which existed 51 years ago, boast market capitalizations larger than their European counterparts,” the IMF chief said.
Video analysis of the ratio of government debt to GDP is available on the channel of the analytical center Experts Club – https://youtube.com/shorts/skgFqF0c4Gw?si=oJPXANSuNNpWxsmY.
Diplomatic Legal Hub, a permanent consulting and legal center for foreign diplomatic institutions, businesses, and citizens, has been presented in Kyiv. It was created on the initiative of Barristers LLC in cooperation with Ukrainian lawyers. The platform is designed to provide continuous legal support to foreigners in Ukraine and reduce the administrative burden on embassies and companies, particularly in matters related to migration, criminal, economic, tax, and martial law issues.
Oleksiy Shevchuk, partner at Barristers and spokesperson for the Ukrainian National Bar Association (UNBA), emphasized that the hub will function as a practical mechanism for providing immediate assistance.
“Today we are presenting a platform where any representative of an embassy, foreign business, or foreign citizen can report their problem online 24/7 and receive appropriate support. Our team will use, among other things, universal jurisdiction tools to protect against persecution,” he said at a press conference at the Interfax-Ukraine agency on Wednesday.
According to Shevchuk, foreign citizens often remain without adequate state protection in wartime, so the team’s task is to provide them with fast and high-quality legal support.
Elvira Lazarenko, a partner at Barristers, outlined the hub’s service model.
“We provide support throughout the entire cycle — from crossing the border and proper documentation to resolving disputes with the migration service, customs, and in court. For at least the next two years, assistance to foreign citizens will be provided pro bono,” she said.
Yaroslav Kuts, lawyer, deputy head of the UNAA Information Policy Committee, and partner at a2kat, emphasized Ukraine’s openness to foreigners and investments and explained that the hub was created not only to provide assistance during martial law, but also with a view to post-war recovery, when business activity and migration are expected to grow. “
”Despite the war, we remain a country that is open with all our heart and soul to foreigners and foreign investment. The hub was created not only for the present — it is working with an eye toward post-war recovery, when the activity of foreign citizens and businesses will increase,” he added.
In turn, Oleksandr Oliinyk, managing partner of VIDSICH Law Firm and chairman of the Criminal Law and Procedure Committee of the Kharkiv Regional Bar Association, drew attention to the risks for companies with a foreign element.
“During the period of full-scale war, according to our data, more than 500 criminal proceedings have been opened against enterprises and individuals with a foreign component; in some cases, the indictment materials have already been sent to court. Ukraine has an institution of criminal liability for legal entities — sanctions may apply not only to officials but also to companies as a whole,” Oliynyk noted.
During the event, it was emphasized that the platform will also assist with practical issues, from opening bank accounts to contractual support, and is designed to close the “service gap,” as foreigners are currently forced to seek comprehensive assistance mainly in the private sector.
The organizers announced the creation of a hub secretariat and the availability of an online form for inquiries. Olga Tanyushkina, who initiated the approach whereby lawyers devote part of their time to providing free legal assistance to foreigners helping Ukraine, is named as the program’s ideologist.
Diplomatic Legal Hub was initiated by Barristers LLC in cooperation with Ukrainian lawyers and with the support of the Interfax-Ukraine news agency. Key areas include migration law, criminal and commercial proceedings, tax disputes, investment and financial transaction support. The platform is positioned as a legal support tool for diplomatic institutions, businesses, and citizens, available 24/7.
Source: https://interfax.com.ua/news/press-conference/1110786.html
Barristers, Diplomatic Legal Hub, Kuts, Oliynyk, UNAA, Лазаренко, ШЕВЧУК
Global refined copper production will increase by around 3.4% to 28.3 million tons in 2025, forecasts the International Copper Study Group (ICSG).
This will be driven by the continued expansion of production capacity in China and the start-up of new plants in other countries, most notably the Democratic Republic of Congo (DRC), India and Indonesia.
In 2026, copper output is expected to grow by 0.9% to around 28.6 million tons.
Global copper consumption is forecast to rise about 3% to 28.1 million tons this year and 2.1% to 28.7 million tons in 2026, ICSG said.
Meanwhile, demand in China is projected to grow by about 3.3% in 2025 and 1% next year. The PRC accounts for about 58% of global copper consumption.
“Asia will continue to be the main driver of global growth, with demand in other key copper-consuming regions remaining weak, particularly in the EU and Japan,” the group’s experts believe.
“Overall, however, global consumption is expected to continue to be supported by increased production activity in some key sectors” that are major copper end-users, “continued demand due to energy transition, urbanization, digitalization (data centers),” the report said.
At the end of 2024, there was a global copper surplus of 71,000 tons. This year, the oversupply of the metal in the global market is expected to be about 178 thousand tons (slightly below the April forecast), while in 2026, a deficit of about 150 thousand tons is projected (in April, a surplus of 209 thousand tons was expected).
Making forecasts, ICSG realizes that the situation on the world market can change under the influence of numerous factors, the report says.
The International Copper Study Group, established in 1992, is an intergovernmental organization that serves as a vehicle for international discussion and cooperation on copper-related issues. ICSG is the only multilateral institution dealing with copper production, consumption and trade. The group comprises 25 nations, including Russia and Kazakhstan, as well as the European Union.
For a video analysis of the world’s largest copper producers from 1970 to 2024, please visit the Experts Club think tank channel – https://www.youtube.com/watch?v=_h8iU50z8C0.
Fixygen.ua – Ukraine remains one of the world’s most crypto-active nations — both in terms of adoption and innovation. Despite the ongoing war and economic challenges, the country has emerged as a regional leader in digital assets, combining high grassroots adoption with an increasingly structured regulatory framework.
Ukraine’s place in the global crypto ecosystem
According to the 2024 Chainalysis Global Crypto Adoption Index, Ukraine ranks 4th globally, behind India, Nigeria, and Vietnam — and ahead of most European and G7 countries. Over 6.5 million Ukrainians (around 15–17% of the adult population) are estimated to hold or use cryptocurrency.
Ukraine also consistently ranks among the top 10 countries by peer-to-peer crypto transaction volume, reflecting its highly digital-savvy population and widespread trust in blockchain-based tools.
Even before 2022, Ukraine was recognized by the Global Crypto Adoption Report as one of the fastest-growing crypto economies in Eastern Europe. Today, the war has only accelerated this transformation — digital currencies have become part of both humanitarian logistics and cross-border business operations.
Adoption and use cases
Remittances & payments: Cryptocurrencies serve as an alternative channel for remittances, reducing transfer costs and bypassing traditional banking restrictions.
Savings and investment: Amid inflation and banking risks, crypto assets are used as a store of value and a hedge against currency instability.
Charitable donations: Since 2022, Ukraine has received more than $250 million in crypto donations, becoming one of the first countries to officially accept digital assets for defense and humanitarian support.
Freelance economy: Ukrainian IT specialists and digital freelancers frequently use stablecoins (USDT, USDC) for cross-border settlements.
Regulatory framework and licensing
Ukraine is one of the first countries in Eastern Europe to create a comprehensive legal framework for the crypto industry.
The Law “On Virtual Assets” (adopted in 2022, updated in 2024) defines digital assets as property and introduces licensing for exchanges and custodial wallets.
In 2025, the National Bank of Ukraine (NBU) and the National Securities and Stock Market Commission (NSSMC) began preparing secondary regulations aligned with the EU’s MiCA (Markets in Crypto-Assets Regulation), paving the way for harmonization with European standards.
The Ukrainian Parliament is also considering taxation amendments that would introduce a 5% income tax rate for crypto-related profits for individuals and 10% for businesses, with simplified reporting rules.
Regulators emphasize that Ukraine aims to become “crypto-compliant, not crypto-restrictive,” ensuring transparency while supporting innovation and investment inflows.
Institutional and infrastructure developments
Ukraine has rapidly built a local crypto infrastructure ecosystem:
Over 25 licensed exchanges and brokers operate domestically or under partnership agreements with EU-registered entities.
Kyiv, Lviv, and Dnipro are emerging as regional blockchain hubs, hosting startups focused on Web3, DeFi, tokenization, and AI-integrated financial products.
The Ministry of Digital Transformation continues to cooperate with Binance, Kuna, and WhiteBIT on blockchain policy and public-sector digitalization.
In parallel, the National Bank of Ukraine is developing its own digital hryvnia (e-hryvnia) pilot with support from Stellar Development Foundation, aiming to test CBDC payments by 2026.
Trends and challenges
Rising institutionalization: Ukrainian crypto companies are shifting from purely retail models to regulated brokerage and fintech structures.
DeFi and tokenized assets: Local developers increasingly launch Web3 tools for global markets — particularly in DeFi, GameFi, and real-world asset tokenization.
Security & AML compliance: Integration with FATF standards remains a challenge, though Ukrainian regulators actively cooperate with the EU to strengthen anti-money laundering mechanisms.
Brain drain vs. global expansion: Thousands of Ukrainian blockchain professionals have relocated to the EU, Poland, and the Baltics, yet they continue to operate Ukrainian-origin projects and bring foreign investment into the ecosystem.
As of late 2025, Ukraine stands among the top 5 global leaders in crypto adoption, with a vibrant domestic ecosystem and growing regulatory maturity.
The ongoing implementation of EU-aligned standards, along with a high degree of digitalization and public acceptance, could make Ukraine a European hub for blockchain innovation and virtual asset regulation within the next two years.
According to preliminary data, Ukrainian metallurgical enterprises increased their total rolled steel production in January-September this year by 0.5% compared to the same period last year, from 4.821 million tons to 4.843 million tons.
According to information from the Ukrmetallurgprom association, steel smelting during this period decreased by 6.1% to 5.523 million tons, but pig iron production increased by 8.1% to 5.792 million tons.
In September, 587,000 tons of rolled products, 611,000 tons of steel, and 683,000 tons of pig iron were produced, while in the previous month, 633,200 tons of rolled products, 649,400 tons of steel, and 747,500 tons of pig iron were produced.
As reported, in 2024, Ukraine increased its total rolled steel production by 15.8% compared to 2023, to 6.222 million tons from 5.372 million tons. Steel production during this period increased by 21.6% to 7.575 million tons, and pig iron production increased by 18.1% to 7.090 million tons.
In 2023, Ukraine increased its total rolled steel production by 0.4% compared to 2022, to 5.372 million tons, but reduced its steel production by 0.6%, to 6.228 million tons, and its pig iron production by 6.1%, to 6.003 million tons.
In 2022, the country reduced its production of total rolled steel by 72% compared to 2021, to 5.350 million tons, steel by 70.7%, to 6.263 million tons, and pig iron by 69.8%, to 6.391 million tons.
In pre-war 2021, 21.165 million tons of pig iron (103.6% compared to 2020), 21.366 million tons of steel (103.6%), and 19.079 million tons of rolled steel (103.5%) were produced.
On June 10, 2025, during a massive shelling of Kyiv, the business center building was damaged by debris from an enemy Shahed-type UAV.
The facade, walls, windows, interior partitions, ceiling, floor, and doors were significantly damaged. Engineering and communication systems were also affected: ventilation, heating, power supply, lighting, fire extinguishing, as well as the roof, interior decoration, furniture, and office equipment.
The building was insured against military risks under a co-insurance agreement between three companies: ARSENAL INSURANCE, UNIQA, and TAS. The insurance coverage included the building with all premises, finishes, glass elements, and office equipment. According to the results of an expert assessment, the amount of insurance compensation amounted to more than UAH 12 million. The amount of the payment was determined based on the cost of restoration work, excluding depreciation.
On September 22, 2025, ARSENAL INSURANCE received the last necessary documents, and on September 26, it made its share of the payment — UAH 4,112,237. Thus, only four days passed from the moment the documents were collected to the actual transfer of funds to the client.
“Cases involving military risks are a special category of settlements that require maximum speed and objectivity. Our task is to provide the client with financial support for the rapid restoration of business processes, even in such extraordinary circumstances,” said ARSENAL INSURANCE.
ARSENAL INSURANCE expresses its gratitude to its co-insurance partners, UNIQA and TAS, for their constructive cooperation and effective interaction in the process of settling this complex insurance case.
At the same time, during the settlement process, on August 28, 2025, the same business center was damaged by shelling for the second time. The blast wave and debris again caused damage to the building. The settlement of the second insurance case is currently underway, for which a payment will also be made.
