State-owned enterprises amassed losses of UAH 50 bln ($1.9 bln)

This announcement was made by Vasyl Khmelnytsky on LinkedIn. Citing the main problem of state enterprises in Ukraine is the lack of incentives for development. “Compared to private businesses, state enterprises are not afraid of bankruptcy or competition. Some of them work on the basis that the state can always cover its losses with taxpayers’ money. I think that the situation can be altered by privatizing all state companies which are of no strategic importance. We can invite foreign companies with experience in managing large facilities to protect state enterprises from bankruptcy and save money from the state budget, but we will also gain valuable international experience and be able to revive the economy of Ukraine”.