Ukraine’s economy and financial system remain stable

Currently, there are no economic reasons for the worsening of the situation in Ukraine, except for panic. The country’s economy and financial system remain stable.

“We have sufficient reserves and forces to withstand not only military, but also economic, commercial and energy aggressions. We have no economic reason to aggravate the situation, except panic. We continue our active cooperation with the International Monetary Fund. And today we welcome the start of a new IMF mission in Ukraine,” Ukrainian Prime Minister Denys Shmyhal said during the Cabinet meeting on February 23, a correspondent of Ukrinform reports.

According to him, the government has sufficient funds in the accounts to finance all government expenditures. For the first two months of 2021, the budget will receive about 15 billion UAH more than planned.

“The National Bank has enough reserves, and international partners have already provided guarantees and financial support in the amount of one billion dollars. Exports of goods from Ukraine in January increased by 50%, the turnover of the retail trade – by a record 18%. Ukraine is supplied with energy resources and is working to gain additional alternative routes for their supply,” assured the head of government.

He also recalled that President Volodymyr Zelensky had proposed to establish the Ukrainian Resilience and Recovery Fund which should ensure macroeconomic and macro-financial stability, as well as promote the country’s large-scale transformation.

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“An economically strong and stable Ukraine is one of our main long-term responses to aggression,” Shmyhal concluded.

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Christi C. Elwood