President of Ukraine Volodymyr Zelensky has outlined for the Cabinet of Ministers and the Verkhovna Rada priority economic tasks that must be fulfilled in the near future. Proper implementation of the stated ambitious goals can significantly change the country's economic environment.
Week's balance: Rada appoints new government, new PM Honcharuk vows higher GDP growth and talks with IMF
The Verkhovna Rada of the ninth convocation at its first meeting formed a new government, while the newly appointed Prime Minister, Oleksiy Honcharuk, called his priority boosting economic development and continued cooperation with the IMF – these are the main economic news of the past week.
Week's balance: Ukraine implements 'economic visa-free regime' with Israel, Cabinet reduces electric tariffs, promises average wage at $540
For the first time in two decades, the head of the Israeli government visited Kyiv to discuss, among other things, the introduction of the free trade zone between the two countries, the resigning Prime Minister Groysman promised fellow citizens an average wage of $540 as early as next year, the Cabinet of Ministers decided to reduce electricity tariffs for businesses, while Naftogaz offered the population to buy gas for the winter at summer prices – these are the main economic developments of the outgoing week.
Deputy NBU Governor Oleh Churii: "Our forecast is to receive $2 bln this year under the new IMF program. And next year, too"
The hryvnia for almost two months has been performing at its three-year max, while the effect of one of the key factors – the purchase of government bonds by non-residents – is weakening. Deputy NBU Governor Oleh Churii told UNIAN about the hryvnia's prospects for this autumn, the threat of a recurrence of the 2008 crisis, a new IMF program, debts, and operations of non-residents with government bonds.
Volodymyr Groysman held the last meeting of his Cabinet. He bragged about how he raised the economy and addressed his successors with recommendations. At the same time, nothing was said about public debt, which, not without his participation, will put a heavy burden on the new government and the Ukrainians.
Week's balance: Economy accelerating, government lowering electric tariffs for industrial consumers, while non-residents putting bond purchases on pause
The State Statistics Service reported on a faster growth of the Ukrainian economy in 1H 2019, the Cabinet allowed reducing electricity tariffs for industrial enterprises, and non-residents suspended the purchase of Ukrainian government loan bonds – these are the main economic developments of the outgoing week.
President Volodymyr Zelensky announced the priority steps of Ukraine authorities to boost economic development. UNIAN has learned about the expected transformations awaiting the country in the near future.
Week's balance: Zelensky vows economic growth and launch of land market, water utility companies put forward their ultimatum, while gas tariffs are once again reduced
President Volodymyr Zelensky has promised to accelerate Ukraine’s economic growth and launch a full-fledged land market in 2020, Naftogaz announced another reduction in gas tariffs for the households, and water utility companies several weeks after the start of the electricity market reform demanded that electricity tariffs be reviewed, threatening to introduce hourly water supplies – these are the main economic developments of the outgoing week.
Naftogaz, in its lawsuit, told The Hague court that the estimated losses from the seizure by Russia of the group’s assets in Crimea stood at $5.2 billion. Naftogaz expects that the international tribunal will hand down a verdict no earlier than late 2020. UNIAN learned whether the state-owned company would be able to receive compensation from the Kremlin, even if the court’s awards are in favor of Ukraine.
Week's balance: Ukraine prepping up for winter, hryvnia strengthening, and EBRD allocating EUR 250 mln for public transport purchase
The Ministry of Regional Development reported on Ukraine’s readiness for the heating season, non-residents' demand for domestic government bonds strengthened the hryvnia, while the European Bank for Reconstruction and Development allocated a number of loans to Ukraine, including EUR 250 million for municipalities to buy new vehicles – these are the main economic news of the past week.
Naftogaz of Ukraine promised in August to significantly reduce gas prices, the State Statistics Service reported a decline in industrial production in June, while the hryvnia strengthened on the outcome of parliamentary elections – these are the main economic developments of the outgoing week.
The outcome of the early parliamentary election to the Verkhovna Rada shows that five parties have made it to Parliament. All of them are political forces with distinctive leaders. That is, the Ukrainians again voted for specific "persons" and public promises, not for action plans. Although it is the action plan, especially its economic aspects, that will reflect on the wallets of every citizen.
Week's balance: NBU improves outlook, lowers key rate, finance ministry boasts of record borrowing, and customs agency receives official status
The National Bank announced improved economic development forecasts and decided to reduce the key rate, the Ministry of Finance held this year's record placement of domestic government loan bonds, while the renewed customs agency received official status and began its work – these are the key economic news of the outgoing week.
Week's balance: Launch of energy market, forex easing, and Nefyodov starting war against shadow businesses
A new model of the energy market started operating in Ukraine, the National Bank went for another forex deregulation for businesses, while the Cabinet approved First Deputy Minister of Economy Maksym Nefyodov at the post of the country's chief customs officer, handing him an "order" to start war against shadow businesses – these are the main economic news of the outgoing week.
The new customs chief has been appointed. It's former first deputy minister of economic development and trade, Maksym Nefyodov. A young official with a reputation of a reformer announced large-scale changes to turn customs into a European-style body without corruption and with full digitalization of control routine.
Week's balance: industrial output slows down, reformer Nefyodov appointed head of customs, National Bank says goodbye to small coins
The Cabinet has managed to complete the contest for the post of new head of the customs service and after two months of judicial struggle appointed reformer Maksym Nefyodov to this position, the State Statistics Service reported a slowdown in industrial output, while the National Bank announced the introduction of a new UAH 1,000 banknote and a withdrawal from circulation of small coins – these are the main economic news of the outgoing week.
Russia allowed transit by road and rail of Ukrainian goods through its territory, which has been banned since 2016. The condition is the use of GLONASS satellite tracking technology, as well as registration coupons. Experts do not believe in the "good intentions" of the northern neighbor – everything that Russia is doing always has a clear and goal that is far from being kind to Ukraine.
A long-lasting conflict between Volodymyr Groysman's government and Naftogaz has moved to a new stage of aggravation. Now it is spinning against the Cabinet's decision on Naftogaz restructuring. The spat is being fueled by the lack of funds for pumping gas into underground storage facilities in excess of the usual volume, which is necessary to remove the risk of Russia's halting gas transit via Ukraine from January 1, 2020.
Week's balance: Zelensky vows business liberalization, NBU cancels mandatory sale of forex proceeds, while state budget gets EUR 1 bln
President Volodymyr Zelensky promised Ukrainian business leaders to liberalize the economy and improve business climate, the National Bank decided on a historic step to abolish the mandatory sale by exporters of foreign exchange proceeds, the state budget was replenished by EUR 1 billion after a successful placement of foreign government bonds, while the statistics agency improved the outlook for GDP growth in the first quarter – these are main economic news of the outgoing week.
Week's balance: Ukraine issues bonds worth EUR 1 billion, inflation shows rise, while Constitutional Court alters status of energy regulator
Ukraine for the first time in fifteen years issued euro-denominated bonds, the State Statistics Service reported accelerating inflation, the Cabinet approved Ukrzaliznytsia's development strategy until 2023, and the Constitutional Court caused a storm with its decision to recognize unconstitutional a number of provisions of the law on the energy regulator – these are economic news of the past week.
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