The State Property Fund failed another attempt to sell the Odesa Portside Chemical Plant, the Verkhovna Rada slowly and unwillingly began to pass bills required for the state budget 2017, Stockholm arbitration has completed its hearings into the gas dispute between Naftogaz and Gazprom, while the National Bank maintained the key rate - these are the main economic news of this week.
The third attempt of the Ukrainian authorities over the last seven years to sell the Odesa Portside Chemical Plant (OPP) saw no result, yet again. Potential investors have ignored the auction scheduled by the State Property Fund (SPF) for December 14. The blame for another "D" in a test is shared by the SPF and the Cabinet, as both failed to properly prepare the chemical giant for its sale.
Week’s balance: in anticipation of IMF decision, Cabinet attack on "space-high" utility bills, and healthcare reform
The National Bank of Ukraine announced a plan of gradual forex liberalization, the State Property Fund sold a Ukrainian bank to a Chinese investor, while the Cabinet launched an attack on the "space-high" bills for central heating and decided how on how the country’s healthcare system would be funded – these are the main economic news of this week.
Week’s balance: Easing from Cabinet, warnings from National Bank and new portion of promises from EU
The Ukrainian Government canceled 367 regulations, the National Bank has softened a number of foreign exchange restrictions, while the European Union put forward conditions for Ukraine to receive a EUR 600 million assistance package , at the same time failing to resolve the main political issue of the past years - the introduction of a visa-free regime. These are the main economic news of the outgoing week.
The Ukrainian economy continues to grow, the Verkhovna Rada gave a start to a road reform, PM Groysman vowed to investigate inflated bills for central heating - these are the main economic news of this week.
Head of U.S.-Ukraine Business Council: "There is going to be a big battle in Washington but I think that the new U.S. Administration will be inclined to further provide support for Ukraine"
President of the U.S.-Ukraine Business Council (USUBC) Morgan Williams, a lifetime GOP supporter, explains what Donald Trump’s victory means for Ukraine, what changes are to come in bilateral relations between Kyiv and Washington, and why Putin is the evil force the world has to deal with.
Amid Kyiv protests of defrauded investors of Mykhailivsky bank, President Poroshenko tabled in Parliament a unique bill. It was passed by the Rada and signed by the head of state in a matter of days. Experts have criticized the initiative, noting that it will cause more trouble to the Ukrainian economy than bring any good.
Ukraine has been successfully implementing its Missile Shield project, getting closer to possessing its own modern hi-end strategic missiles. UNIAN took a sneak peek into Ukraine’s latest developments in this area.
Financial markets responded fiercely to the results of the U.S. presidential election, the Cabinet has submitted to the Rada an amended draft budget for 2017, while the IMF has promised to consider the allocation of another aid tranche for Ukraine this year – these are the main economic news of the past week.
Week’s balance: budget bargaining, horror stories of minimum wage, and mafia pulled away from Ukrzaliznytsia
The Ukrainian Cabinet has tabled a draft budget for 2017 for its second parliament reading, with a promised increase in the minimum wage; Prime Minister Groysman showed willingness to destroy any mafia in Ukrzaliznytsia, while the IMF mission arrived in Ukraine once again – these are the main economic news of the past week.
Starting this year, residents of several Ukrainian cities (Kyiv - among them) will get an opportunity to directly influence the allocation of part of municipal funds. However, unfortunately, the public interest to the initiative was too low so the project’s deadline was prolonged. UNIAN spoke with the man behind the initiative, which gives ordinary people the opportunity to manage the budget.
Head of National Depository: War in Donbas means higher investment risk; but the greater the risk, the higher the yield
Head of the National Depository Mindaugas Bakas has told UNIAN how the Ukrainian stock market is interesting to foreign investors, how the war in the country’s east affects the mood of foreign partners, and what the role is of the depository system in the securities market.
Vice Prime Minister of Ukraine Pavlo Rozenko in an interview with UNIAN told how the Government was taking a decision on raising the minimum wage, whether the pensions will be raised, and how a newly-established Social Inspectorate will verify recipients of subsidies.
A large European company decided to enter the Ukrainian gas market, not only to supply gas but also to use the country’s underground storage facilities. Experts admit the Russian Gazprom may respond as it still can’t get over losing Ukraine.
Over the years of independence, Ukraine has received over $9 billion in technical assistance from its foreign partners, planning to increase this amount in the future. However, the effectiveness of the use of funds is highly questionable.
The Ukrainian Cabinet came up with a surprise to certain politicians by proposing to double the minimum wage, confrontation between the MPs and Governor of the National Bank Valeria Gontareva is growing, while Ukraine will lose millions of dollars if the European Commission allows Gazprom to pump more gas bypassing the Ukrainian gas transportation system.
Over the past 10 years Ukraine’s national debt increased up to 80% of GDP, while debt service costs exceeded defense spending. Experts believe that the country has no alternative yet to external borrowing, therefore it needs rapid economic growth, to get out of debt.
Ukraine is not a poor country. But the incomes of citizens are among the lowest in the region. This cannot be changed by raising the minimum wage or taking money away from the oligarchs. The only way is to create conditions for a significant growth of the country's GDP.
The number of Polish expats working for the Ukrainian state has increased. Additionally to the advisor on reforms Mr Balcerowicz, Ukrzaliznytsia CEO Mr Balczun, former transport minister of Poland Slawomir Nowak on Monday took up office of the head of the controversial state motorway agency Ukravtodor.
The Verkhovna Rada of Ukraine adopted in first reading the draft state budget-2017, Prime Minister Volodymyr Groysman presented a report on six months of the Cabinet’s work, while the World Bank has provided $500 million for Ukraine’s gas purchases – these are the main economic news of the past week.
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