The program features over 230 specific measures to facilitate economic recovery / Photo from UNIAN
The program foresees, among other things, access to capital, modernization, sustainable development of the economy.
Ukrainian Minister for Development of Economy, Trade and Agriculture Ihor Petrashko says Ukraine's government approved an economy recovery program at a meeting on Wednesday, May 27.
The program is a comprehensive document featuring over 230 specific measures that will be available for discussion after the approval of the program.
"Firstly, the task of the program and the directions that have been developed include [measures] to ensure the secure functioning of the economy since challenges that have arisen over the coronavirus concern not only the development of the economy, but also its secure work," the minister said.
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According to him, the document was passed as part of a comprehensive reform program and complements it.
All initiatives may be split into short-term, medium-term and strategic (preventive) ones.
The short-term initiatives include the development of industry standards for business management and temporary tax exemption; the medium-term ones envisage assistance in producing dual-use goods and placing the government's order for medicinal products; and the strategic initiatives stipulate emergency cooperation with partner countries, as well as the review of trade and economic relations with the European Union.
The program suggests the introduction of tools to safeguard domestic goods against foreign substitutes.
"As part of these measures, we've worked out in detail such areas as legislation, protection of the national interests, the legal framework for trade safeguards, protection of domestic producers from unfair and growing imports through the use of tools to safeguard trade, as well as protecting rights through the mechanisms of the World Trade Organization and international treaties," he said.
The program features the section called "sectoral measures," which clearly prescribes support for industry, agriculture, the energy sector, transport, infrastructure, IT, communications technology, and the service sector. This refers to reducing tax pressure, facilitating access to capital, reducing prices of raw materials and electricity, as well as ensuring the uninterrupted sale of products for the agricultural sector through the establishment of distribution channels and export promotion.
Support for the energy sector involves increasing market transparency and reducing energy dependence by boosting the extraction of energy resources.
As for the transport sector, the government proposes further reforms at the state-run Ukrainian Sea Ports Authority (USPA) and the Ukrainian national railways company, PJSC Ukrzaliznytsia. Moreover, the program provides for the launch of river transportation and expansion of public-private partnerships.
The section featuring general economic matters consists of such subsections as supporting small- and medium-sized businesses, stimulating international trade, boosting investment, stimulating the development of innovations, creating jobs and developing the labor market, and intelligently regulating economic activity.
Petrashko noted that the "three pillars" of the program are access to financing, access to markets, and modernization and sustainable development of the economy.
The government approved the program subject to finalization within three days.
As UNIAN reported earlier, officials and experts agree that the domestic economy this year may decline by over 5%.