Accrued insurance premiums under Green Card international insurance contracts concluded by the member companies of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) in January-November 2020 decreased by 28.65% compared to the same period in 2019, to UAH 1.099 billion.
As the MTIBU reported on the website, the number of Green Card contracts concluded during this period fell by 44.9%, to 554,194.
At the same time, the amount of compensations paid on claims grew by 12.14%, to EUR 15.323 million, while the number of claims paid by 4.4%, to 15,323.
The MTIBU is the only association of insurers that provide compulsory insurance of civil liability of land vehicle owners for damage caused to third parties.
National bank of Ukraine’s official rates as of 12/01/21
Source: National Bank of Ukraine
Official rates of banking metals from national bank as of January 12
One troy ounce=31.10 grams
Ukraine has started preparations for negotiations on new agreements on a free trade area (FTA) with Egypt, Jordan, Indonesia and China, Minister of Economic Development, Trade and Agriculture Ihor Petrashko has said.
“Preparations are underway for negotiations on an FTA with Egypt, Jordan, Indonesia and China,” he said during a press conference in Kyiv on Tuesday.
He also said Ukraine has started negotiations with the EU on revising the Association Agreement.
Petrashko said the additional capitalization of the Export Credit Agency (ECA) to UAH 2 billion, which is provided by the 2021 national budget, will strengthen Ukraine’s export positions
The net international reserves of Ukraine as of January 1 amounted to $ 18.1 billion, which is 19% more than at the beginning of December 2020 ($ 15.2 billion), Head of the Council of the National Bank of Ukraine (NBU) Bohdan Danylyshyn has said.
“The net forex reserves of the NBU [excluding the debt to the IMF] as of January 1, 2021 amounted to $ 18.1 billion and are sufficient to cover payments by the public sector and the National Bank on external debt to non-residents, which in 2021 will amount to about $ 7.2 billion,” he said on Facebook.
Danylyshyn added that of the external debt to non-residents, about $ 2 billion should be paid by the government on eurobonds in September 2021, as well as to cover the current account deficit, which, according to the NBU forecast, is expected at $ 3.5 billion in 2021.
According to him, the volume of planned payments of the state in favor of the International Monetary Fund (IMF) in 2021 is about $ 1.6 billion, including $ 1.36 billion for the repayment of the principal amount of the debt and $ 260 million for interest payments.
“The need to refinance Ukraine’s debt to the IMF requires the parties to fulfill their obligations under the current Stand-By Arrangement, which will allow Ukraine to attract IMF financing in the amount of about $ 2.9 billion,” he said.
He added that taking into account payments on the debt of banking and corporate sectors, as well as inter-company debt, the total volume of payments from Ukraine in favor of non-residents in 2021 will be about $ 15.5 billion.
As reported, the international reserves of Ukraine in 2020 increased by 15% and amounted to $ 29.1 billion as of January 1, 2021.
The supply chain company Czarnikow (the UK) has signed a representative agreement with the Ukrainian company Entrypoint, created by the ex-managers of Astarta, to finance, procure and supply food ingredients and packaging for companies in Ukraine, Entrypoint said in a press release.
“This partnership is built on Entrypoint’s long standing history in the food and beverage industry in Ukraine, and surrounding markets, together with Czarnikow’s global presence, supply chain capabilities, financing and sourcing,” William Rook, Czarnikow Director and Head of Ingredients, said.
Mykola Kovalski, the co-founder of Entrypoint, has collaborated with Czarnikow in the past through his work with leading Ukrainian food and energy businesses. He was Business Development Manager at Astarta Group, Ukraine’s leading sugar producer.
“As consumer demand across the region is becoming more exquisite and diverse, Entrypoint will be instrumental in connecting Czarnikow with reliable end buyers,” he said.
“Having signed an agency agreement with Entrypoint Group, a business intelligence consultancy in Ukraine, Czarnikow will be leveraging its global platform to competitively source, ship and finance food ingredients and packaging to Ukraine and the surrounding markets of Moldova, Georgia and Belarus,” the report says.
“Best known for its 160 years of experience in the global sugar market, in recent years Czarnikow has expanded its product offering to include food ingredients and packaging such as dairy, sweeteners, fruit and PET. These products have brought new opportunities both with longstanding, established clients and new potential markets. To make the most of new opportunities, Czarnikow is working with individuals with local on-the-ground understanding of specific regions,” according to the press release.
Entrypoint provides transaction and risk advisory services with a regional focus on Ukraine, the former Soviet Union and Eastern Europe.
