An online meeting with Ukraine’s Prime Minister Denys Shmyhal and Economy Minister Petrashko was held on April 2, 2020, UkrAgroConsult reports.
Key points of the discussion
● Ukraine's economy could shrink by 4 % this year, Ukraine is not able to extend quarantine to two, three, four months
● No restrictions on freight traffic all across Ukraine;
● The quarantine restrictions will peak on April 6-20;
● Restart the economy is planned from May 1;
● The private sector must modify their business models to take into account possible unexpected delays in commodity/departure delivery;
● Medical equipment and drugs are imported through a “green corridor,” customs clearance for one day;
● The special low interest “5-7-9” lending program for small and medium-sized companies may be extended to bigger companies;
● Though the state budget is under threat of higher deficit, a stabilization fund of UAH 90-100B is being formed.
Financial sector assessments:
● The banking system is stable, the foreign-currency and gold reserves are adequate;
● The National Bank as the regulator is performing faultlessly;
● FX was more or less stable, fluctuation are possible within a range of UAH 29-30/USD;
● The banks entities are feel like supporting the real sector of economy after the quarantine period.
Proposals for easing the loan debt burden on businesses, incl. the interest rate, will be discussed with the National Bank.
Regarding the time for consideration of the bill on banks: according to the parliamentary rules, the second reading will be held within seven days after the first one.
Consultations with the World Bank and the IMF continue, addressing the degree to which the newly adopted land law meets the necessary criteria and requirements.
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