Ukraine’s total public debt in August 2023 increased by 3.1% to a new historic high: in dollar terms – by $4bn to $132.92bn, in hryvnia terms – by UAH 146.2bn to UAH 4 trillion 860.6bn, according to data on the website of the Ministry of Finance.
According to them, the direct state debt increased by 3.3% to $123.63 billion, or up to UAH 4 trillion 521.1 billion, and amounted to 93.0% of the total amount of public and state-guaranteed debt.
It is reported that external direct debt in August increased by 4.4%, or $3.52 billion, to $83.41 billion, while domestic direct debt increased by 1.1%, or UAH 15.8 billion, to UAH 1 trillion 470.75 billion (equivalent to $40.22 billion).
The total external public debt of Ukraine in August-2023 increased by 4.1%, or $3.58 billion, to $90.77 billion, while the total domestic debt increased by 1.0%, or UAH 15.2 billion, to UAH 1 trillion 541.4 billion.
As a result, the share of total external government debt increased to 68.3%.
As a result, the share of total external government debt rose to 68.3%.
According to the Ministry of Finance, the share of liabilities in euros at the end of August rose to 28.36%, in U.S. dollars – to 26.66%, while in hryvnia decreased to 28.87%, in SDR – to 12.89%, in Canadian dollars – to 2.48%, and in yen and British pounds remained at 0.72% and 0.02%, respectively.
The office also clarified that 64.86% of government debt has a fixed interest rate, while 12.89% is pegged to the IMF rate, 7.85% to SOFR, 3.88% to EURIBOR and 0.72% to TORF.
Another 2.99% of government debt is tied to the consumer price index, while 6.49% is tied to the NBU discount rate. We are talking about government bonds from the portfolio of the National Bank. The newest of them were securities linked to the discount rate, which were purchased by the NBU within the framework of emission financing of the budget.
Finally, 0.31% of government debt has a rate linked to the Ukrainian index of interest rates on individual deposits, used in portfolio guarantee programs.
As reported, Ukraine’s public and state-guaranteed debt increased by $13.4 billion to $111.45 billion in 2022. In the first eight months of this year, the state debt increased by $21.47 billion, or 19.3%.
In the framework of the first revision of the EFF extended financing program with Ukraine at the end of June, the IMF significantly improved the forecast of the government debt growth this year – from 98.3% of GDP to 88.1% of GDP, including by revising its estimate for the end of last year from 81.7% of GDP to 78.5% of GDP.
Experts Club Research Project and Maxim Urakin recently released an analytical video about the economy of Ukraine and the world:
You can subscribe to the Experts Club YouTube channel by following the link – https://www.youtube.com/@ExpertsClub
The YouTube channel of the Kiev analytical center “Club of Experts” has released a new video in which the founder of the project, PhD in Economics Maksim Urakin and the editor-in-chief of the “Ukraine in Arabic” portal Mohammad Farajallah forecast the results of the upcoming second round of presidential elections in Turkey and also analyzed possible developments after the end of the vote.
According to the experts, the incumbent president Recep Tayyip Erdogan has much more chances to win than his rival, Kemal Kılıçdaroğlu, the leader of the united opposition. This prediction is due both to the behavior of the top politicians themselves before and after the first round of elections, as well as the position of third-place winner Sinan Ogan, who has already expressed his support for Erdoğan with 5 percent of the vote.
“Erdoğan conducted his election campaign well by not engaging in open polemics with the opposition on earthquake relief, democracy development and the economic situation. Instead, he focused voters’ attention on the themes of security and the “dignity of the nation” as well as Islamic identity. In addition, the increase in wages and the cancellation of utility bills on the eve of the election also played a role “- says Mohammad Farajallah.
According to the expert, these actions also helped Erdoğan win over nationalist forces, whose single candidate, Sinan Oğan, openly supported the incumbent president on the eve of the second round.
“The opposition, on the contrary, started to behave rather nervously after the first round, which was mainly reflected in Kemal Kilicdaroglu’s aggressive rhetoric with regard to the Syrian refugees who received Turkish passports under the social programs initiated by Erdogan,” he stressed.
In his turn, Maksim Urakin noted that Turkish voters were generally disappointed by Kylicdaroglu’s rhetoric as they expected concrete programs of economic and political actions from the opposition alliance after the elections.
“No specifics were heard from the opposition regarding social support for youth, the older generation, support for entrepreneurs and normalization of the situation in the economy,” says Maxim Urakin.
In his opinion, expectations of Kılıçdaroğlu’s victory already in the first round were somewhat “overheated” by a number of opinion polls, which predicted this candidate a serious advantage over Erdoğan (up to 5-7%), but were subsequently not confirmed at the elections themselves.
At the same time, according to experts, there is still a serious split among Turks with regard to the policy of the current president, and Erdoğan, if he wins the elections, will have to work hard to consolidate society within a single national consensus.
See more in the video on the Club of Experts channel at the link:
Subscribe to the Club of Experts channel here:
ELECTIONS, ERDOĞAN, EXPERTS_CLUB, MOHAMMAD_FORPJALLAH, TURKEY
On May 18, 2023, a unique wine evening “Consumer tasting of the best craft wines of Ukraine-2023” was held at the Kyiv analytical center “Experts Club”. The event presented the best wines of Ukraine according to the results of the VII All-Ukrainian Tasting Competition “Variety and Terroir. Micro winemaking. Unbreakable”.
The evening was special not only because of the unsurpassed range of wines but also because two winners in two competitions were determined.
Within the framework of the Consumer Tasting of the Best Craft Wines of Ukraine-2023 competition, the winner was the Merlot 2020 wine from TM NAROVYLO WINERY, and the winner of the Best Design of a Bottle of Craft Wine of Ukraine-2023 competition was the Pinot Noir 2020 wine from TM 46 Parallel. Both winners received certificates from the Experts Club .
“This evening gave us a unique opportunity to see, feel and, most importantly, taste the highest standard of Ukrainian winemaking. After all, most of the presented wine brands is yet on public sale,” said Natalia Blagopoluchna, President of the All-Ukrainian Association of Winemakers and Sommeliers.
In his turn, the founder of the Experts Club, Maksym Urakin, emphasized that it is extremely important to support and celebrate the winemaking achievements of Ukrainian craft producers.
“The winner of the competition, Merlot 2020 from NAROVYLO WINERY, demonstrates the highest quality of our national winemaking products, and the creative design of Pinot Noir 2020 from 46 Parallel shows that Ukrainian winemakers not only understand the true taste of wine, but also care about every detail, including the design of the bottle. This perfectly illustrates our passion for winemaking. In my opinion, Ukrainians should develop consumer patriotism, choosing products primarily from domestic producers, because they are no worse and often much better than imported ones,” emphasized Maxim Urakin.
The wine evening at the Experts Club was attended by many well-known personalities, including wine producers, restaurateurs, representatives of the retail industry, media community and others.
It should be noted that the wines that took part in the tasting were highly appreciated by all those present. They represent a variety of grape varieties and winemaking techniques used in Ukraine, including the innovative Orange, 2021 from TM Kovach Wine and Zagrei, 2022 from the National Scientific Center “Tairov Institute of Viticulture and Winemaking”.
The event also featured Ukrainian grappa, which has long been recognized as one of the most unique products in Ukrainian winemaking and has received recognition from experts in the country of origin of this drink – Italy.
The Consumer Tasting of the Best Craft Wines of Ukraine-2023 is an important event in the Ukrainian winemaking calendar, and this year it demonstrated the enormous potential of the Ukrainian wine industry despite the difficult times for our country. This event has once again confirmed that Ukraine has everything to produce high-quality wines that can compete in the global market.
CLUB_OF_EXPERTS, COMPETITION, EXPERTS_CLUB, NATALIA_BLAGOPOZHNAYA, WINE
Director General of the International Organization of Vine and Wine Industry (IOVI) Pau Roca thanked representatives of the Ukrainian wine industry for the work done to restore Ukraine’s membership in this international structure.
“In this difficult time that Ukraine is going through and in this difficult situation, we focus on the promotion of Ukrainian winemaking in the world. The fact that Ukraine joined our interstate organization is a very important step at this very period. This step will bring results in the near future”, – stressed the Head of IGOV at a press conference in the news agency Interfax Ukraine.
In turn, the Deputy Minister of Agrarian Policy and Food of Ukraine Markiyan Dmytrosevych also noted the importance of Ukraine’s membership in IGOV, as this organization currently unites 85% of the world’s specialists in the field of viticulture and winemaking, as well as represents the interests of 80% of consumers.
“The International Organization of Winegrowing and Winemaking is primarily a platform for the exchange of experiences in the promotion of wine products. Membership in IGOV and work in its committees will give Ukraine the opportunity to be aware of all the changes and directions of development of the industry, which, in turn, is important in the context of European integration of our country, “- said Dmitrasevich.
Speaking about the consequences of war for the sector, the Deputy Minister said that, according to the estimates of the World Bank and experts of the Institute of International Economics, the cost of destroyed, stolen, damaged property in the agricultural sector is $8 billion. With the rest of the indirect losses – lost profits, unfulfilled contracts – the total damage from military action reaches 40 billion UAH.
“If perennial plantations are destroyed, it will take years to recover. After the human losses such losses are the most painful for us and for the industry”, – he stressed.
In addition, M. Dmitrasevich recalled the possibility of attracting state grant program for the establishment of new vineyards.
The head of the public association “Ukrsadvinprom” Volodymyr Pechko noted that in 2021 in Ukraine officially there were about 266 industrial producers of grapes and wine, 125 winegrowing enterprises, 29 small producers of grapes and wine products.
“About the figures, to process each hectare involved 33 employees on a permanent basis, each enterprise employed an average of 250 people. Thus, the employment rate in viticulture and horticulture in Ukraine is one of the highest compared to other industries,” stressed the industry representative.
Pechko also thanked the Ministry of Agrarian Policy for implementing an industry support program and providing grants to winemakers in both 2021 and 2022.
“The state’s support of planting vineyards even in this difficult time will allow not only to preserve the industry in the future, but also to expand vineyard planting areas,” he said.
According to the moderator of the press conference and the deputy head of the public association “Ukrsadvinprom” Maxim Urakin, in the current realities it is extremely important to extend the status of winemaking to all regions of Ukraine.
“Granting the status of winemaking regions to all regions of Ukraine without exception is especially relevant in connection with the displacement of viticulture in the central and western regions of the country, where dozens of winemakers are already working effectively; the status of winemaking region will allow winemakers to claim assistance, technology, benefits,” – said Urakin.
According to the deputy head of “Ukrsadvinprom” on international relations Natalia Burlachenko, the main purpose of the renewal of membership in the IOVV is the popularization of the Ukrainian product.
“First of all, we want to show what heights and quality Ukraine has achieved, despite the realities in which we live. This is an important platform to sound to the world. It is an opportunity not only virtually but also offline to communicate with foreign colleagues and show that Ukrainian wine exists, exists and will become more competitive in the future,” she said.
Ricardo Nuñez, owner of the Vinos de La Luz wine company and investor in Ukrainian winemaking, stressed that Ukraine needs a state program for the development of winemaking to bring the industry to a new level of development after the war.
“In February 2022 the dynamic development of the wine industry in Ukraine came to a halt. Many Ukrainians, including those involved in winemaking, left their homes. But they will return with the knowledge and experience gained outside the country. They must be prepared for new opportunities”, the winemaker said.
Ricardo Nunez presented the novelty of the season – a red dry wine Big Wines Big Art, which was produced from the grapes of Odessa black vintage 2020 grown in the Rhenia district of the Odessa region. The first batch of 1,000 bottles was produced at the facility in the Kyiv region. A well-known artist Ivan Marchuk was involved in the work on the new Ukrainian wine, who provided his painting “Awakening” symbolizing the revival of Ukrainian winemaking after the war, said Ricardo Nuñez.
Speaking about the future recovery of the industry the winemaker reminded that development always begins with the emergence of many small producers who become the basis for the creation of large enterprises.
“I am the first investor in the winegrowing and winemaking industry in Ukraine during the war. I am working on wine production right now. My task is to teach Ukrainians to drink their own wine. Then the country will have a great and great industry,” he said.
Representatives of Ukrsadvinprom handed over the flag of the International Organization of Vine and Wine Making to the Ministry of Agrarian Policy of Ukraine.
The International Organization of Vine and Wine (IOVV) is the successor of the International Bureau of Vine and Wine, which existed from 1924 to 2001 and today unites 49 countries. It is this organization that develops the standards of world winemaking. IOVW consists of four committees – viticulture, enology, economics and law, safety and health. Ukraine will be represented in the international organization by a delegation, which consists of representatives of the Ministry of Agrarian Policy, the Institute of Viticulture and Winemaking named after Tarov. Ukraine will be represented by a delegation consisting of representatives of the Ministry of Agrarian Policy and the Winemaking Institute named after Tairov, members of “Ukrsadvynprom”.
The Vinos de La Luz Group has wineries in Old and New World wine-growing regions, in particular, in Spain, Italy, Argentina and the USA, where it produces wines under the Vinos de La Luz brand.
EXPERTS_CLUB, MARKIYAN_DMITRACEVICH, MINISTRY_OF_AGRICULTUR, NATALIA_BURLACHENKO, OIV, PAU_ROCA, RICARDO_NUNEZ, UKRSADVINPROM, VINOS_DE_LA_LUZ, VITICULTURE, WINE, WINE_OF_UKRAINE, WINEMAKING
Together with partners, the Charitable Fund for Reconstruction and Development of Ukraine is planning to supply 52 full-fledged mobile hospitals equipped for surgeries and laboratory diagnostics in the immediate vicinity of active hostilities to the country.
As Artem Honcharenko, President of the Fund, said during a press conference at Interfax-Ukraine on Tuesday, the first hospital has already been committed to the Ministry of Defense and provides medical assistance to the military and civilian population in the area of active hostilities.
“The first hospital helps where there are active hostilities and heavy losses are possible. It is still the only one on the entire front line and is already saving lives. It is 52 hospitals that will help provide quick assistance along the entire front line in those places where quick assistance is needed,” he said.
Honcharenko specified that the number of hospitals was determined after consultations with military experts, including NATO ones. However, hospitals may have different specifications.
“The price at which such a hospital is offered on the market is $360,000, but in negotiations with manufacturers, we came up with a price of EUR 232,000 plus additional transportation costs,” Honcharenko specified.
At the same time, he added that by now an advance payment of $40,000 had been made – “under my personal word of honor,” and the hospital had been brought to Ukraine, but fundraising continues. Currently, the flow of patients served by it is 100-150 people a day – both military and civilian, who are in gray zones and places of de-occupation. Medical care in the hospital is provided by military doctors, who have already been joined by civilians.
“The hospital can operate in 300 km of the border zone, where the aggressor’s missiles reach. This is a full-fledged hospital on wheels,” Honcharenko said.
He noted that the hospital can be deployed and start working within 15 minutes, it is completely autonomous, equipped with a generator and has the ability to connect to external power. The Fund is currently exploring the possibilities of assembling hospitals in Ukraine.
The second hospital, according to the head of the charitable organization, the Fund plans to transfer to the clinic and medical center of the western region – “this is the so-called Lviv hospital.”
“We have signed a memorandum with them. We planned to transfer the first hospital to them, but we were asked to transfer it for special operations, so the first hospital operates where active hostilities are taking place,” Honcharenko specified.
According to Ukraine’s Armed Forces soldier Danyil Honcharenko, who has three wounds, due to the change in the operational situation at the front, the need for mobile hospitals capable of providing full-fledged medical care directly on the front line has increased significantly.
At the same time, another participant in the press conference, lawyer and serviceman Serhiy Petkov, noted their importance not only during active hostilities – after the victory they can continue to work in the aftermath of man-made disasters, accidents and terrorist attacks.
“If such a mobile hospital were in Dnipro on January 14, then more people could be saved before they were sent to hospitals, providing them with timely assistance on the spot,” he stressed.
Olena Kreknina, representative of the Dnipro Reconstruction and Development Foundation, spoke about cooperation with entrepreneurs.
“Raising funds for mobile hospitals is the most important area for us. We are engaging the business community, including the window business in Dnipro and companies such as AXOR, which has already joined. I urge all business representatives to join in saving lives, those who bring our victory closer,” she said.
According to the information announced during the press conference, the partners of the mobile hospitals project were the PR-agency Be my media, the Club of Experts, the Association of Science and Education of Ukraine, the National Guard of Ukraine, the Main Intelligence Agency of the Ministry of Defense of Ukraine, NGO Culture and Heritage of Ukraine, the International Technology Transfer Association (ITTA), the National University of Construction, the Physical culture and sports society Dynamo Ukraine, the licensed online school Focus, PATprofi – IT, Donbasenergo, the Amor Ukraine Health Organization, and NGO Ukrainian Diabetic Federation.
ARTEM_HONCHARENKO, CONFERENCE, EXPERTS_CLUB, FUND_FOR_RECONSTRUCTION_AND_DEVELOPMENT_OF_UKRAINE, HOSPITAL, MOBILE
The Kyiv analytical center Experts Club hosted the first of a series of events dedicated to the popularization of Ukrainian wine and the prospects for the development of the Ukrainian wine industry, as well as the analysis of the products of the best producers of domestic wine. The event was held with the participation and support of the Odesa National Technological University and the Ukrsadvinprom association.
During the meeting, the participants heard the report of the Doctor of Agricultural Science, Professor of the Odesa National Technological University Natalia Kameneva on the topic “Sensory analysis – an innovative tool for the development of the wine sector.”
During the presentation, the results of the activities of the wine industry in 2020 were presented. So, last year, Ukraine exported 14.4 million liters of wine, which is twice as much as in 2019, while the import of wine to Ukraine in 2020 increased by 22% compared to 2019.
In addition, Natalia Kameneva presented a scientific and educational laboratory for sensory analysis of wines, opened at the National Academy of Food Technologies and successfully accredited in accordance with international quality standard ISO 17025: 2019.
“Today the laboratory meets all requirements and standards, it was created for sensory analysis of food products in accordance with international standards, training and education of experts in sensory analysis, research of consumer preferences in the field of sensory analysis of food products,” he scientist explained.
The founder of the Experts Club, Maksim Urakin, stressed that the center is ready to become a platform for the popularization of Ukrainian wines.
“I believe that many varieties of Ukrainian wine remain underestimated in the consumer market. Within the framework of this project, we will try to change the situation,” he said.
The head of the Ukrsadvinprom association, in turn, added that state support for domestic winegrowers and winemakers is still at a low level, which leads to the filling of the market with imported wines, including low-quality ones.
“We have the largest association in the country, which includes 80% of Ukrainian wine producers, we would like the state to systematically work on programs to support Ukrainian producers, both the consumer and the budget will benefit from this,” Volodymyr Pechko said.
Also, within the framework of the meeting, an organoleptic analysis of the quality of eight samples of leading Ukrainian wine producers was carried out. The wines of such Ukrainian producers took part in the tasting: SHABO, Artwinery (Artemivsk Champagne Factory), Prince Trubetskoi Winery, Frumushika, Beykush winery, Villa Tinta, Stakhovsky Wines, Leleka wines.
The event was held in partnership with the leading international tasting competition Odessa Wine Week. The next Odessa Wine Week festival will be held in Odesa from May 24 to May 29, 2022.
EXPERTS_CLUB, UKRSADVINPROM, URAKIN, WINE, WINE_TASTING, КАМЕНЕВА, ПЕЧКО
