Ukraine's new economy minister outlines first steps in office to respond to looming crisis

Newly appointed Ukrainian Minister for Development of Economy, Trade and Agriculture Ihor Petrashko considers it essential to support Ukrainian producers in response to the looming crisis caused by the global coronavirus spread.

"Ukraine and the rest of the world are in a difficult economic situation. It is clear that the crisis is always expected, but caused by unforeseen factors. Coronavirus has become such factor. In fact, we'll see the main consequences in three to six months, and this is the first time when the global crisis hasn't been caused by financial factors," he said in his address to the Verkhovna Rada, Ukraine's parliament, on March 17.

The official added that Ukraine, just like the European Union and the United States, would suffer primarily in terms of industrial output.

Read alsoUkrainian banks seeing lack of cash foreign currency amid forex panic – NBU

"Therefore, I see two priority areas in the economy. The first one is to support and balance Ukrainian producers in a situation where markets will be shutting down. EU markets will be introducing protectionist measures. And it is important to help small-, medium-, and large-sized businesses which have production capacities to maintain their operation, jobs, and wages," the minister stressed.

Another priority is to set up a fundamentally comfortable environment for Ukrainian businesses across the country. This in turn will trigger an inflow of foreign investment, the minister believes.

"The systemic steps that I think need to be done are to continue the deregulation policy and create conditions for the businesses so that they could have minimal contact with the authorities," he added.

As UNIAN reported earlier, Ukraine's parliament on March 4 passed a resolution to accept Ukrainian Prime Minister Oleksiy Honcharuk's resignation, and the entire Cabinet of Ministers was dismissed. Ukrainian parliamentarians voted to appoint Denys Shmyhal the country's prime minister.

Read alsoUkraine's Rada appoints Petrashko economy minister

The former Ukrainian Minister for Development of Economy, Trade and Agriculture Tymofiy Mylovanov turned down the offer to lead the ministry of agrarian policy in the new government due what he called "changing approaches to economic development".

On March 10, Ukraine's First Deputy Minister of Economic Development, Trade and Agriculture Pavlo Kukhta announced that the Cabinet of Ministers appointed him Acting Economy Minister.

The Verkhovna Rada today, March 17, has appointed Ihor Petrashko as Minister of Economic Development, Trade and Agriculture of Ukraine.