Business news from Ukraine

Business news from Ukraine

Ukraine plans for 2023 to attract $37.9 billion to finance the budget deficit and $13.6 billion for recovery

The government of Ukraine plans to attract $37.9 billion to finance the state budget deficit and $13.6 billion for restoration, the largest contribution is expected – $18 billion and $6.5 billion respectively – from the United States through USAID, such data are given in the presentation of the project state budget-2023.

According to information on the website of the Ministry of Finance, it is assumed that assistance from the United States will be monthly: for the budget – $1.5 billion, and for recovery – from $0.4 billion to $0.6 billion.

The second most important source of budget financing in the presentation is the IMF – $ 15 billion: $ 2 billion each in January, February and September, $ 1.6 billion in June, $ 0.6 billion – in August and from $ 0.8 to 1.1 billion – in the rest months.

As for macro-financial assistance from the EU and other sources, it is expected to be restored in the amount of $7.1 billion – monthly at $0.6 billion, except for $0.5 billion in December. While state budget funding from this source is projected at $4.9 billion: $1.9 billion in the first quarter, $1.3 billion in the second, $0.2 billion in the third and $1.3 billion in the fourth.

Finance Minister Serhiy Marchenko specified that this year, as part of negotiations with international partners, Ukraine has already received $19 billion in financial support, of which almost 50% is grant funds.

“By the end of the year, we plan to raise about another $17 billion in additional funding,” he said, presenting the draft state budget in the Rada on Wednesday.

,

Cabinet of Ministers of Ukraine approved draft state budget for next year

The project of Ukraine, a warring country, for 2023 was developed by the Ministry of Finance and supported by the Cabinet of Ministers, said Finance Minister Serhiy Marchenko.

“The 2023 state budget is the budget of a country that will become stronger, strengthen its defense capabilities, be able to recover from the damage caused by Russian armed aggression, and also take care of citizens in need,” he wrote on Facebook on Tuesday.

According to the Budget Code, the government must submit the draft state budget to the Verkhovna Rada by September 15.

,

Austria and Ukraine agree on economic cooperation

First Deputy Prime Minister of Ukraine and Minister of Economy Yulia Svyrydenko and Federal Minister of Labor and Economy of Austria Martin Kocher signed a framework agreement between the governments of the two countries on economic cooperation in the development of projects.
According to the press service of the Ministry of Economy of Ukraine on Sunday, the signing of the agreement took place on Sunday, September 4, in Krakow during Yulia Svyrydenko’s visit to Poland.
“We hope that the economic cooperation agreement signed today will allow us to launch a number of important projects, in particular, in the healthcare sector. Among the priorities are the construction and equipping of the Okhmatdyt National Children’s Specialized Hospital and a modern university clinic in Kyiv, as well as the creation of the National Rehabilitation Center in Lviv. The estimated cost of these projects will be more than EUR 500 million,” Svyrydenko said.
According to her, for the implementation of these projects, concessional long-term financing will be attracted under the guarantees of European export credit agencies. It is expected that the effective rate of attraction of funds will not exceed 3% per annum, and the borrowing period will be up to 14 years. Such concessional targeted financing of socially significant projects is a good alternative and addition to more expensive and short-term obligations, usually borrowed to replenish the working capital of the state budget.
According to the agreement on economic cooperation in the development of projects, the governments of Ukraine and Austria agreed to promote the development of modern social and educational infrastructure, in particular, a network of modern medical and vocational educational institutions, to promote the development of the medical insurance market in Ukraine, and to intensify bilateral economic relations in the field of investments, innovations and implementation of economic projects, especially in the field of medical technologies and healthcare institutions.
Svyrydenko also expressed her gratitude to the Austrian partners for financial and humanitarian assistance to Ukraine and for the initiative of Austria to take patronage in the restoration of Zaporizhia region.

, ,

Parliamentary association “In support of friendship and cooperation with Taiwan” is being created in Ukrainian parliament

An inter-factional deputy association (IFO) “In support of friendship, trade, economic, cultural and humanitarian cooperation with Taiwan” will start working in the Verkhovna Rada, said Alexander Merezhko, Chairman of the Parliamentary Committee on Foreign Policy and Inter-Parliamentary Cooperation (Servant of the People faction) .
“Together with our colleagues, we decided to create an IFI “In support of friendship and cooperation with Taiwan” (…) In fact, the IFI has already been created. All that remains is to announce its creation at the plenary meeting,” Merezhko told Interfax-Ukraine on Friday.
According to the head of the committee, he was one of the initiators of the creation of the IFO, which included 15 people’s deputies from the Servant of the People, Holos, and European Solidarity factions.
Merezhko noted that he personally was prompted to create an IFO by Taiwan’s actions – “serious sanctions against Russia” imposed after the start of a full-scale Russian invasion of Ukraine, and the assistance provided to our country.
“That is, Taiwan behaved like a true friend in a difficult time for us. Society in Taiwan also very actively supported Ukraine,” Merezhko stressed.
Speaking about the plans of IFIs, Merezhko emphasized that he considers the model of European countries, which have their own economic representations in Taipei, to be attractive.
“We need to develop economic, cultural, humanitarian and other ties with Taiwan. By the way, the European Parliament recommends that EU states develop ties with Taiwan. And this is right, because we have common values. For example, such as democracy and the rule of law,” explained people’s deputy.
In the statement on the creation of the IFO, handed over by Merezhko to the Interfax-Ukraine agency, the people’s deputies note the need to “develop relations with Taiwan to protect peace, within the framework of international law, the UN Charter, Ukraine’s international obligations and the one China policy.”
According to the document, the MPs included in it elected Merezhko as the head of the MFI.

,

From September 1 Ukraine and Moldova abolish permits for cargo transportation

From September 1, 2022, Ukrainian carriers will be able to travel to Moldova under new simplified rules, according to the official Facebook page of the Ministry of Infrastructure of Ukraine.
“After the signing of the “transport visa-free regime” with the countries of the European Union, Moldova remained the only state on our borders with which the permit regime for Ukrainian carriers was not completely abolished. Given the large volume of cargo that is now going towards Moldova, the signing of a bilateral protocol removes the risk of stopping our exports,” the ministry stressed.
The permit regime will be maintained for non-scheduled passenger traffic (next year, the parties will exchange 2,200 permits) and for traffic to or from third countries (Ukraine will receive 10,000 permits by 2023).
“Bilateral cancellation of permits for international freight transportation, the opening a few days ago of the Berezyne-Basarabeasca railway section, which has not been operating for more than 20 years, are excellent examples of cooperation in the transport sector, strengthening interaction between Ukraine and Moldova. Now our task is to make the most of new opportunities for strengthening the economies of our countries in the face of the threats posed by Russian military aggression and Russian policy in general,” Infrastructure Minister of Ukraine Oleksandr Kubrakov said.

, , ,

World tennis stars raise $1.2 mln for charitable aid for Ukraine

On August 24, on the Independence Day of Ukraine and on the anniversary of the sixth month of Russia’s full-scale invasion with the participation of Belarus on the territory of Ukraine, $1.2 million was raised at a charity tennis event in New York, the website btu.og.ua said.
Serhiy Stakhovsky, Olha Savchuk, Dayana Yastremska, Katarina Zavatska and Daria Snihur took part in the match to raise funds for humanitarian aid to Ukraine.
Representatives of world tennis played on the court: Iga Świątek, Rafael Nadal, Coco Gauff, Matteo Berrettini, Maria Sakkari, Stefanos Tsitsipas, Jessica Pegula, Sebastian Korda, Frances Tiafoe, Leylah Fernandez, Carlos Alcaraz, brothers John and Patrick McEnroe.
The anthem of Ukraine was performed by 12-year-old Ustyn Chorny in front of the audience, and employees of the Veselka restaurant of Ukrainian cuisine were able to play with tennis players.
Actions to support awareness of the war in Ukraine will continue at the U.S. Open and beyond. The Ukrainian choir “Dumka” from New York will be invited to the opening of the competition on August 29. Earlier it was reported that the USTA plans to donate at least $2 million to the Ukraine Crisis Relief Fund charity platform. This charity initiative was founded in March by seven governing structures in tennis.

, ,