Minister of Social Policy of Ukraine Yulia Sokolovska says that in the short term a funded pension system won’t be introduced in Ukraine.
“In the short term, it is unlikely. We do not have the infrastructure created to make it work, but there are already many developments. In general, studies on the funded system show that public expectations for this system are too high, people do not fully understand how much funds will be,” Sokolovska said in an exclusive interview with Kyiv-based Interfax-Ukraine new agency, asked whether the funded pension system will be introduced in Ukraine in the near future.
According to the minister, for the introduction of the funded system, we first need to create its design, namely: who will pay contributions, how much interest they will be, make actuarial calculations, whether it will be beneficial to the person.
“The advantage of accumulation is ‘long’ money, that is, savings. Usually it works so that the funds are invested, which means there should be a market where you can invest. Today there is practically no such market in Ukraine. You know that the bill on ‘split’ was adopted – it also contains the issues of regulation of non-state pension funds, the National Commission for Securities and the Stock Market. These are the first steps and here we can say, if we move in this direction efficiently, in what period of time we will be able to introduce the funded system,” she said.
Sokolovska also noted that it is necessary to look at the experience of other countries in order to adopt only the best practices.
U.S. President Donald Trump has explained that during a telephone conversation with Ukrainian President Volodymyr Zelensky on July 25, he talked about a probe into the case of a company related to former U.S. Vice President Joe Biden’s son, Hunter Biden, in the context of Zelensky’s promise to fight against corruption in Ukraine.
“I want him to do whatever he can. This was not his fault; he wasn’t there. He’s just been here recently. But whatever he can do in terms of corruption, because the corruption is massive. Now, when Biden’s son walks away with millions of dollars from Ukraine, and he knows nothing, and they’re paying him millions of dollars, that’s corruption. When Biden’s son walks out of China with $1.5 billion in a fund. <…> I think that’s a horrible thing. I think it’s a horrible thing,” he said during a bilateral meeting with Zelensky in New York City on Wednesday, September 25.
“I know the President, and I’ve read a lot about Ukraine. I’ve read a lot about a lot of countries. He wants to stop corruption. He was elected – I think, number one – on the basis of stopping corruption, which unfortunately has plagued Ukraine. And if he could do that, he’s doing, really, the whole world a big favor. I know – and I think he’s going to be successful,” Trump emphasized.
The U.S. president also spoke about the need to fight corruption in response to Zelensky’s call to invest in Ukraine.
Zelensky told Trump about the large number of laws currently being adopted by the Verkhovna Rada of Ukraine, which are aimed at reforming the law enforcement system to combat corruption and the economy.
Then, in a conversation with the media, Trump, recalling the scandal with deleted emails of ex-head of the Department of State and former U.S. presidential candidate Hillary Clinton and addressing Zelensky, said: “We have corruption also, Mr. President. We have a lot of corruption in our government.”
National bank of Ukraine’s official rates as of 27/09/19
Source: National Bank of Ukraine
Official rates of banking metals from national bank as of September 27
One troy ounce=31.10 grams
Arricano Real Estate Plc (Cyprus), the managing company and developer of a number of shopping and entertainment centers in Ukraine, received $8.56 million in net profit in the first half of 2019, which is 38% less than in the first half of 2018.
According to the company’s report, posted on the London Stock Exchange’s website, its revenue for January-June increased by 17%, to $17.3 million, while total profit decreased by 19.8%, to $17.74 million.
The fair value of the company’s portfolio increased by 9%, to $281.3 million.
According to Arricano, the growth of this indicator is associated with an increase in the value of the operating real estate portfolio by $15.6 million, as well as projects under development by $7.2 million.
Arricano’s net asset value in the first half of the year, according to its report, increased from $94 million to $111.8 million.
In addition, the developer notes an increase in the occupancy of its shopping centers from 99.7% to 99.9% and 82 new leasing contracts compared to 68 in the first half of 2018.
As reported, Arricano in 2018 received $38.1 million in net profit, which is 47.6% more than in 2017. Its revenue increased by 14.4% and amounted to $31.52 million.
The Finance Ministry of Ukraine on September 25 repaid the fourth coupon on eurobonds with maturity until 2032, the agency has told Interfax-Ukraine.
According to the Ministry of Finance, the total payment amounted to $110.625 million.
As reported, Ukraine in September 2017 placed 15-year eurobonds worth $3 billion, including $1.682 billion for the exchange or redemption of eurobonds maturing in 2019 and 2020, which were issued as part of debt restructuring in 2015, and payment of accrued interest on them.
New eurobonds have an interest rate of 7.375% per annum. Coupon payment is carried out once every six months on March 25 and September 25.
Their repayment is scheduled in equal parts in the amount of 25% of the principal amount on March 25 and September 25, 2031, on March 25 and September 25, 2032.
