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Wednesday, June 30

If both laws were deemed ‘IMF compliant,’ they would contribute to restarting in July the long dormant process of an IMF review and to the resumption of lending in September . Ukraine’s $5 billion IMF program stalled after a first tranche was disbursed one year ago. Compliance with an IMF program reassures foreign investors. Compliance would also change the dynamic of Pre...

President Zelenskiy stressed the importance of getting the IMF deal back on track when he was interviewed two weeks ago by AP, AFP and Reuters. “This is important primarily for our economic stability and investment climate,” he said in a transcript posted on the presidential websit...

Monday, May 17

The IMF’s decision to distribute $650 billion in Special Drawing Rights this summer is undermining arguments for free market changes in countries like Ukraine, Timothy Ash argues in an essay. He writes from London: “The hope was the looming debt service hump for Ukraine in Q3, when $3bn in external debt falls due, would concentrate minds in the Zelenskiy adm...

Wednesday, April 28

Adamant Capital yesterday wrote: “The placement occurred with a small (10-20bps) yield premium to the market, suggesting that it was well received, despite the apparent delays in the state’s program with the IMF. The timing suggests ...

Tuesday, April 20

Ukraine is on track to revive the IMF accord and to receive a $2 billion tranche by September, said Oleh Ustenko, a Presidential Economic Adviser, (Ukraina 24 TV). He said: “The bills we need to pass in order to get the tranche — the judiciary, its reform and the anti-corruption architect...

Talks with the IMF are progressing and September is a realistic date for the tranche, said Serhiy Marchenko, Finance Minister (LB.ua). “We are now narrowing the range of unresolved issues.” “In January, when there was a mission, there were many issues. Now there are fewer, they should ...

Tuesday, April 13

Ukraine may receive $2.7 billion from the IMF this summer under a plan by the International Monetary Fund Managing Director, Kristalina Georgieva, to allocate $650 billion from international reserves to restore the world economy after the coronavirus crisis....

Alfa-Bank Ukraine wrote: “An easy $2.7 billion from the IMF might arrive in 2021…This allocation might be very helpful as Ukraine faces its next FX debt payment peak in September ($3.1 billion). However, such ‘windfall cash’ ...

Separately, Shevchenko told Interfax-Ukraine last week that Ukraine should receive two tranches from last June’s $5 billion IMF Stand-by Agreement “given the longer course of negotiations.” Ukraine has been in on-again, off-again talks with the IMF since last fall. He said that he hoped that the Rada will pass legislation in coming weeks so that...

Wednesday, April 7

The IMF has raised its Ukraine GDP growth to 4% this year, up from its forecast of 3% made six months ago. World GDP is to increase by 6% this year, “reflecting additional fiscal support in a few large economies and the anticipated vaccine-powered recovery in...

Thursday, April 1

Renewal of Ukraine’s $5 billion IMF agreement depends on “a number of outstanding issues that need to be resolved,” Goesta Ljungman, the IMF’s resident representative, said in a lengthy interview with Interfax-Ukraine. “At this stage, it is not possible to make any predictions about when the review can be completed...

Facing $6 billion in external borrowing that are needed this year, Ukraine is “already uncomfortable” without the $3 billion in remaining IMF tranches , Finance Minister Serhiy Marchenko said in a lengthy interview with LIGA. “We have no opportunity to receive income from another source,” he says. “The IMF program is our baseline scenario.” He said ...

Separately, Marchenko hopes to reach an IMF staff level agreement soon, he told reporters at a press conference on Tuesday. Anti-corruption policy and judicial reform remained outstanding issues in the talks, he said.

US and IMF support for Ukraine depend on the Zelenskiy Administration taking concrete steps to reform the court system and protect Western-designed anti-corruption institutions, George Kent, U.S. Deputy Assistant Secretary of State for European and Eurasian Affairs, told VOA last week. Explicitly tying aid to free market changes, he said: “The expectations of Ukrainians and A...

Wednesday, December 16

Fueled by foreign investors looking for high yields, the Finance Ministry sold a record $1.85 billion worth of government bonds at auction yesterday Fueled by foreign investors looking for high yields, the Finance Ministry sold a record $1.85 billion worth of government bonds at auction yesterday. Yields on hryvnia bonds ranged from 10% for 3-mont...

The total amount raised was more than three times the amount raised at last week’s auction. The total amount raised was more than three times the amount raised at last week’s auction. With two more weekly auctions scheduled this month, the Ministry is expected to cover the budget shortfall b...

The Rada passed Ukraine’s 2021 budget yesterday. A fiscally conservative document with a deficit of 5.5% of gross domestic product The Rada passed Ukraine’s 2021 budget yesterday. A fiscally conservative document with a deficit of 5.5% of gross domestic product, slightly less than this year. Finance Minister Serhiy Marchenko said...

The budget numbers The budget numbers:

In another move to get back on track with the IMF, the Rada overwhelmingly approved yesterday two bills to restore powers to a key agency of Ukraine’s new Western-designed anti-corruption machinery. In another move to get back on track with the IMF, the Rada overwhelmingly approved yesterday two bills to restore powers to a key agency of Ukraine’s new Western-designed anti-corruption machinery. T...

In Washington, Kurt Volker, former special envoy to Ukraine, warned that the incoming Biden administration will not give a free pass to the Zelenskiy administration In Washington, Kurt Volker, former special envoy to Ukraine, warned that the incoming Biden administration will not give a free pass to the Zelenskiy administration due to Ukraine’s strategic value in...

Drought pushed down this year’s national grain harvest by 13% yoy, to 65.4 million tons Drought pushed down this year’s national grain harvest by 13% yoy, to 65.4 million tons, Igor Petrashko, minister of Economic Development and Trade, announced yesterday. The fall ended two years of re...

Despite the drops, Minister Petrashko said the 2020 harvest is “three times more than the needs of the domestic market Despite the drops, Minister Petrashko said the 2020 harvest is “three times more than the needs of the domestic market, and also allows us to maintain a leading position in the export of agricultural ...

Thousands of small business owners and workers yesterday protested the impending coronavirus lockdown and end of tax privileges Thousands of small business owners and workers yesterday protested the impending coronavirus lockdown and end of tax privileges, blocking central Kyiv’s Maidan Square and Kreschatyk Street into the ni...

One quarter of Kyiv restaurants have closed permanently due to coronavirus restrictions this year One quarter of Kyiv restaurants have closed permanently due to coronavirus restrictions this year, estimates a new study, “Consequences of the COVID-19 epidemic and quarantine measures for the leading...

Kyiv City has the highest coronavirus infection rate of Ukraine Kyiv City has the highest coronavirus infection rate of Ukraine, reports the Health Ministry. In the first half of December, Kyiv’s infection rate was 746 per 100,000 people. Close behind were: Cherka...

Almost one third of the Rada’s 424 members have had coronavirus since August Almost one third of the Rada’s 424 members have had coronavirus since August, reports Dmytro Razumkov, chairman of Ukraine’s one chamber parliament. Currently, 21 MPs and 55 Rada employees are undergo...

Tuesday, December 15

Foreign shipping companies will be allowed to carry cargo up and down the Dnipro, Foreign shipping companies will be allowed to carry cargo up and down the Dnipro, under legislation approved by the Rada recently with President Zelenskiy’s backing. The goal is to triple annual river...

Ukrainians spent about $150 million last year to buy 3,200 apartments in Poland, making Ukrainians the largest foreign investor group in Polish residential real estate. Ukrainians spent about $150 million last year to buy 3,200 apartments in Poland, making Ukrainians the largest foreign investor group in Polish residential real estate. The calculations were made by G...

Low oil prices have saved Ukraine $3 billion so far this year Low oil prices have saved Ukraine $3 billion so far this year, reports the State Customs Service. Through November, Ukraine oil import bill is down 36%, while the import volume is down only 5.6%. The ...

Ukraine’s power plants reduced their coal consumption by 32% through October and increased their gas use by 31% Ukraine’s power plants reduced their coal consumption by 32% through October and increased their gas use by 31%, reports Expro.com, citing Energy Ministry numbers. Coal consumption fell to 14.1 millio...

Ukraine is gradually phasing out the use of coal Ukraine is gradually phasing out the use of coal, President Zelenskiy told a UN-sponsored gathering on Saturday, the International Climate Ambition Summit. Promising a “fair transformation of the coal...

With demand dropping for coal, Ukraine’s coal mining industry is a shadow of its With demand dropping for coal, Ukraine’s coal mining industry is a shadow of its peak when it employed 500,000 miners, making Ukraine Europe’s third largest coal producer, after Germany and Poland. La...

All unprofitable mines will be closed in this decade All unprofitable mines will be closed in this decade, Olha Buslavets, first deputy Energy Minister said last week at the First German-Ukrainian Energy Day. “Unprofitable mines will be closed within te...

The EU is ready to help Ukrainian miners move out of coal The EU is ready to help Ukrainian miners move out of coal, Torsten Wöllert, a European Commission energy official from Brussels, said at the Germany-Ukraine Day. “We are ready from the EU to help in t...

At the German-sponsored Energy Day, Prime Minister Shmygal thanked Germany for its aid, At the German-sponsored Energy Day, Prime Minister Shmygal thanked Germany for its aid, saying “the project for a fair transformation of coal regions under the new energy partnership will begin this m...

With the EBRD planning to invest up to $100 billion to help EU coal mining towns shift to new vocations through 2027 With the EBRD planning to invest up to $100 billion to help EU coal mining towns shift to new vocations through 2027, the Bank held an online conference Friday to promote a similar shift in Ukraine – ...

Polish tourists traveling to Chervonohrad, a Lviv region border town, will one day visit ‘Nadia,’ a Soviet-era coal mine turned into “industrial museum,” Polish tourists traveling to Chervonohrad, a Lviv region border town, will one day visit ‘Nadia,’ a Soviet-era coal mine turned into “industrial museum,” under a plan by Ukraine’s Regional Development...

The government promises to pay this week $50 million in back wages owed to coal miners across the country The government promises to pay this week $50 million in back wages owed to coal miners across the country, ruling party Rada Member Vasyl Mokan promised yesterday. About one quarter of the debt is owe...

Tuesday, December 8

Concorde Capital’s Evgeniya Akhtyrko attributes “the fast growth of real wages Concorde Capital’s Evgeniya Akhtyrko attributes “the fast growth of real wages to the minimum wage being hiked to UAH 5,000 a month starting Sept.1, relatively low consumer inflation, and the increase...

Next year’s planned 30% hike in the minimum wage will be postponed five months, until Dec. 1 Next year’s planned 30% hike in the minimum wage will be postponed five months, until Dec. 1, Finance Minister Serhiy Marchenko confirms. The increase, to $228 a month, is being delayed to keep down i...

For the statistics-addicted, the State Statistics Service has launched a mobile application “Statistics in a smartphone.” For the statistics-addicted, the State Statistics Service has launched a mobile application “Statistics in a smartphone.” Oleg Nemchinov, Minister of the Cabinet of Ministers, says the new service off...

Ukraine is discussing with Turkey the joint creation of launch vehicles for commercial launches of satellites into space Ukraine is discussing with Turkey the joint creation of launch vehicles for commercial launches of satellites into space, Ukraine’s Strategic Industries Minister Oleg Urusky tells Radio Svoboda. Ukrai...

The prolonged coronavirus pandemic will stretch Ukraine’s economic recession through the winter The prolonged coronavirus pandemic will stretch Ukraine’s economic recession through the winter, Economy Minister Ihor Petrashko predicted yesterday. But after a 3% GDP yoy drop in the first quarter, ...

Big government spending on infrastructure is singlehandedly pulling the construction sector into positive territory this year Big government spending on infrastructure is singlehandedly pulling the construction sector into positive territory this year, according to analysis by Alfa-Bank Ukraine. Through October, construction...

Overall, the government’s Big Construction’s share of GDP grew from 2.8% in the first quarter, to 10% in the fourth quarter Overall, the government’s Big Construction’s share of GDP grew from 2.8% in the first quarter, to 10% in the fourth quarter, Mikhail Kukhar, chief economist of Ukraine Economic Outlook, said last week...

By the end of this month, the goals of the Big Construction project should be 95% complete, By the end of this month, the goals of the Big Construction project should be 95% complete, Kyrylo Tymoshenko, deputy presidential chief of staff, tells Interfax-Ukraine. The completion scorecard is: ...

Europe’s biggest floating crane is being towed from Istanbul to Zaporizhia to complete the long-delayed bridge over the Dnipro Europe’s biggest floating crane is being towed from Istanbul to Zaporizhia to complete the long-delayed bridge over the Dnipro, reports Ukravtodor. When erect, the crane rises 148 meters — nearly the ...

Since March $518 million in loans have been extended to small businesses, a factor in mitigating the impact of the coronavirus recession Since March $518 million in loans have been extended to small businesses, a factor in mitigating the impact of the coronavirus recession, the Finance Ministry reported yesterday. Under the ‘5-7-9% Loa...

Home mortgage loans, long a rarity in Ukraine, are up 23% yoy, totalling almost $100 million through October Home mortgage loans, long a rarity in Ukraine, are up 23% yoy, totalling almost $100 million through October. The average size is for $26,000, and 87% are for second homes, reports the National Bank o...

By replacing ‘Black Friday’ sales with ‘Black Week’ sales, merchants managed to save what could have been a bleak start to the holiday season By replacing ‘Black Friday’ sales with ‘Black Week’ sales, merchants managed to save what could have been a bleak start to the holiday season, Ukrainian bankers tell Interfax-Ukraine. Charges with Akk...