The state continues to accumulate debts to banks for compensation under the 5-7-9 soft loan program.

The top manager of OTP Bank, Volodymyr Mudryi, said that in 2023, ₴16 billion was set aside in the state budget to compensate banks for rates issued under the Affordable Loans 5-7-9 program. The year ended with the Entrepreneurship Development Fund having accumulated significant debts to banks. ₴18B has been pledged for 2024. The program cannot develop with the required dynamics considering the available forecasts.

At the same time, he is convinced that the state’s debts to the banks will be repaid. In addition, international financial institutions will continue to provide funds. If the state has difficulties helping banks and businesses with its preferential programs, then there will be no disaster.

“We need to move away from relying exclusively on the state“, he said.

We will remind you that by the beginning of 2024, the amount of compensation owed under the program had reached ₴7B. As of mid-February, the state had not paid compensation to banks for about five months.