Motor (Transport) Insurance Bureau of Ukraine (MTSBU) from 00:00 hours on May 20 increases tariffs for “Green Card” policies for vehicles traveling abroad by 3.2%.
Amounts of single insurance payments under contracts of international compulsory civil liability insurance of owners of land vehicles are established by the resolution of the Cabinet of Ministers of January 6, 2005 and are defined in euros.
As reported on the website of the ITSBU, for trips within the territory of the member countries of the international system of automobile insurance “Green Card” the cost of the policy from May 20 for 15 days for passenger cars increases to UAH 1,156 thousand (from UAH 1,120 thousand), for buses – to UAH 4,325 thousand (from UAH 4,190 thousand), for trucks – to UAH 2,474 thousand (UAH 2,397 thousand).
The cost of “Green Card” for one month for cars will be UAH 1,841 thousand (against UAH 1,783 thousand), buses – UAH 6,039 thousand (UAH 5,849 thousand), trucks – UAH 3,613 thousand (UAH 3,499 thousand).
Semi-annual and annual policies “Green Card” for cars will now cost respectively 9,636 thousand UAH and 12,849 thousand UAH (previously 9,334 thousand UAH and 12,446 thousand UAH), for trucks – 16,206 thousand UAH and 30,658 thousand UAH, for buses – 21,072 thousand UAH and 39,147 thousand UAH.
The cost of policies for trips to Azerbaijan and Moldova also increases by 3.2%. So for cars for 15 days it will amount to UAH 764 (previously – UAH 740), for one month – UAH 1,124 thousand (UAH 1,089 thousand), for six months – UAH 2,577 thousand (UAH 2,496 thousand), for a year – UAH 3,669 thousand (UAH 3,554 thousand).
The last change of tariffs was March 15, 2024 for cars increase by 11.8% for 15 days and 41.9% for a year, December 22, 2023 upward by 5.6%, September 29 downward by 3.4%, April 21, 2023 upward by 3.15%, December 30, 2022 upward by 3.1%.
As reported, the sum of “Green Card” policies have been realized since 2009 of two types: the whole of Europe and Moldova. Also from January 1, 2016 Ukrainian policies “Green Card” began to operate in the territory of Azerbaijan.
“Green Card” is a system of insurance protection for victims of road traffic accidents regardless of the country of their residence and the country of vehicle registration. It is distributed on the territory of 44 countries of Europe, Asia and Africa.
According to the decision of the General Assembly of the Council of the Bureau of the International Motor Insurance System “Green Card” adopted in Luxembourg in May 2004, Ukraine is a full member of this system since January 1, 2005.
UN economists have improved their forecast for global economic growth in 2024 to 2.7% from 2.4% expected in January.
In 2025, it will increase by 2.8%, while previously it was expected to be 2.7%.
The average growth rate of the global economy in the coming years is expected to remain below the 3.2% recorded on average in 2010-2019.
The revision of the estimate for the current year is mainly due to more positive changes in the economies of a number of large developed and developing countries, in particular Brazil, India, Russia and the United States, the organization’s report says.
According to UN estimates, the US economy will grow by 2.3% this year (1.4% was expected in January), the UK – by 0.8% (0.4%), China – by 4.8% (4.7%), Brazil – by 2.1% (1.6%), India – by 6.9% (6.2%), and Japan – by 1.2% (unchanged).
At the same time, the forecasts for the European Union and the euro area were revised downward – to 1% from 1.2% and to 0.8% from 1.1%, respectively.
“For both the European Union as a whole and the euro area, we expect a gradual recovery in economic activity in 2024-2025, after a noticeable stagnation in many European countries over the past year,” said Grigoriy Agabekyan of the UN Department of Economic and Social Affairs.
This should be facilitated by a slowdown in inflation (it is falling faster than expected in Europe due to a sharp decline in energy costs), income growth in real terms, and the expected easing of monetary policy.
“In fact, a number of central banks in Eastern Europe and the Swiss central bank have already cut their key interest rates, and as inflation returns to its target level, the European Central Bank and the Bank of England are also expected to begin their easing cycles this year. It is also expected that as global trade recovers, exports from European countries will increase,” the expert said.
“As for the somewhat more modest forecasts for the European Union compared to those presented in January, this revision is explained by the fact that against the background of continued sluggish industrial production, economic growth forecasts for a number of countries on the continent that depend on the manufacturing industry have been lowered. This list includes, in particular, Austria, the Czech Republic, Finland, Germany, Hungary, and the Czech Republic. At the same time, Germany’s economy, which is the leading economy in the European Union, shrank by 0.3% in 2023, and in 2024 we assume a recovery of only 0.3%,” Agabekyan said.
The UN forecasts global trade growth of 3.2% in 2024 and 3.6% next year.
GDP growth in developed countries is expected to reach 1.6% in 2024 and 2025, and in developing countries – by 4.1% and 4.3%, respectively.
Earlier, Experts Club and Maksim Urakin released a video analysis of how the GDP of the world’s countries has changed in recent years, more detailed video analysis is available here – https://youtu.be/w5fF_GYyrIc?si=BsZmIUERHSBJrO_3
You can subscribe to the Experts Club YouTube channel here – https://www.youtube.com/@ExpertsClub
JSC Slavic Wallpapers – KFTB (Koryukivka, Chernihiv region), a leading Ukrainian wallpaper producer, produced 5.29 million standard pieces of wallpaper in January-April 2024, up 13.6% year-on-year.
According to statistics provided by UkrPapir Association to Interfax-Ukraine, the factory’s output growth rate for the first four months of the year was 21% compared to the same period last year: in January-March, the growth rate was 21%.
At the same time, the factory’s production volume in monetary terms increased by 14.8% to UAH 417.4 million over four months.
In April, the company produced 1.49 million conventional pieces of wallpaper, which is 2% less than in April-2023, but 6.3% more than in March this year.
The EBA has no data on wallpaper production in Ukraine in January-April 2024, as the State Statistics Service has stopped providing it.
As reported, in 2023, the factory increased its wallpaper production by 19% compared to 2022, to 16.2 million units, production increased by 38.2% to UAH 1 billion 249 million, and net profit increased almost eightfold to UAH 47.7 million.
Earlier, the company noted that as a result of Russian aggression, sales volumes, especially through retail channels, had significantly decreased.
JSC Slavic Wallpaper-KFTB is one of the largest European wallpaper factories. It produces more than 10 types of wallpaper from the economy segment (paper, duplex, acrylic) to premium wallpaper (vinyl, non-woven, hot stamped).
In addition, the factory produces its own latex, water-dispersion paint under the Latex brand.
On Thursday, May 16, Danish Foreign Minister Lars Lekke Rasmussen announced a new EUR 750 million military aid package for Ukraine aimed at strengthening Ukraine’s air defense and artillery.
“I am pleased to announce a new package of military support for Ukraine worth EUR 750 million aimed at strengthening its air defense and artillery. Denmark is also exploring opportunities for investment in the Ukrainian defense industry,” the Foreign Ministry’s press service quoted Rasmussen as saying.
The Minister emphasized that Denmark firmly supports Ukraine and its people.
The National Association Ukrtsukor has asked the Cabinet of Ministers to urgently establish a zero quota on sugar exports to the European Union for 2024 due to the achievement of the maximum volume stipulated by the EU decision for the export of Ukrainian sugar to these countries in 2024, the association reported on Facebook.
“In fact, we are talking about initiating the closure of Ukraine’s border for sugar exports to the EU as soon as possible due to the fact that sugar exports have already reached 262.6 thousand tons, defined as Ukraine’s quota for 2024,” the statement said.
“Ukrtsukor believes that such an appeal is a confirmation of the constructive position of Ukrainian sugar producers and their readiness to integrate into the European sugar market and meet its requirements.
The business association reminded that on May 13, 2024, the Council of the European Union approved the extension of temporary trade liberalization measures for Ukraine for another year, until June 5, 2025. At the same time, it provided for the application of an emergency braking mechanism for particularly sensitive agricultural products, in particular sugar, if imports of these products in 2024 exceed the average imports recorded in the second half of 2021 and throughout 2022 and 2023. Similar emergency braking measures may be applied in 2025 if, in the period from January 1, 2025 to June 5, 2025, the volume of Ukrainian exports exceeds 5/12 of the quota set for 2024.
From mid-May, the Austrian Ministry of Finance and the Austrian export credit agency OeKB (Oesterreichische Kontrollbank Aktiengesellschaft) will start accepting applications for export and investment insurance in Ukraine at the expense of a special fund for Ukraine created by the Ministry of Finance in OeKB through the budget law.
According to the Austrian agency’s press release, it is expected that EUR500 million will be allocated to cover operations in Ukraine over the next five years, and the attraction of funds from international financial institutions could make it possible to receive up to EUR1 billion.
“Approximately EUR100 million per year is earmarked for new business. This will also open up opportunities for Austrian exporters in the process of Ukraine’s recovery,” the Ministry of Finance said in a release.
It is indicated that as part of the existing and proven export promotion procedure, the Ministry of Finance is already facilitating export transactions worth EUR 3-5 million in Ukraine with payment terms of up to three years through OeKB.
It is noted that since funds are limited and the goal is to achieve a wide diversification of risks, in particular in the supported sectors, small and medium-sized public sector transactions based on a state guarantee will be possible at the first stage.
“This will allow us to make vital investments for Ukraine. These include the supply of drinking water and heat, the provision and rehabilitation of the transport sector with roads, bridges and rail infrastructure, as well as supply agreements and investments such as joint repair shops for buses, trams and trains,” commented Finance Minister Magnus Brunner.
