• Українською
  • Despite war, Ukraine has every chance to ensure economic growth this year, says Yuliia Svyrydenko in Brussels
    Ministry of Economy of Ukraine, posted 22 February 2023 15:01

    During a meeting with EU Commissioner for Economy Paolo Gentiloni in Brussels, First Deputy Prime Minister and Minister of Economy of Ukraine Yuliia Svyrydenko emphasized the need to focus on several key aspects, including improving business protection, expanding logistics routes, attracting foreign investment and working with partners to solve urgent problems.

    "We have recently reached an agreement with the IMF, which allows us to start negotiations on financial support from the Fund. This year we need to secure USD 10 billion of financial support, which is critical for macro-financial relief in these difficult times," said Yuliia Svyrydenko.

    The Ukrainian Government is counting on the support of the EU during the meetings with the G7 and G20 representatives, as well as further discussions during the spring meetings of the IMF and the World Bank.

    "Ukraine has every chance to ensure economic growth this year despite the ongoing war. Despite the damage to the energy system, it is now operating smoothly. We have all the necessary agricultural resources to start sowing. And the business in general has already adjusted to work in the new environment," continued Yuliia Svyrydenko.

    This year's economic recovery will depend on several measures that Ukraine and the European Union need to take together.

    "First, we have to improve our defense. Effective air defense provides more confidence for businesses operating in Ukraine. The next big thing is logistics. Much of agriculture depends on Black Sea shipping. russia is deliberately slowing down inspections under the Black Sea Grain Initiative, while trying to promote itself as a food supplier to the Middle East and Africa," emphasized Yuliia Svyrydenko.

    While paying great attention to logistics through the Black Sea ports, Ukraine does not forget the importance of logistics across the EU-Ukraine land border. This is important for ramping up exports of domestic products to Europe.

    "We believe that we need to continue all the simplifications that were introduced last year, including the tariff-free market with the EU and the EU-Ukraine Road Transport Agreement. In addition, we encourage investment in trade and transport infrastructure in the EU's border countries, and it would be good to ensure that their connections with Ukraine are funded more effectively," added First Deputy Prime Minister/Minister of Economy.

    In addition, Ukraine is seeking to reduce risks for investors, as it is private money that creates the greatest effect on economic recovery.

    "Please coordinate the policy of national official credit agencies to restore risk insurance. We are also trying to resume the activities of European insurance companies in Ukraine for reinsurance that could be provided by European countries. All this should contribute to the economic and financial growth of business in our country," summarized Yuliia Svyrydenko.

    Summarizing, she said that Ukraine expects economic growth this year and intends to continue cooperation with partners to address key issues, including business security, logistics, and attracting foreign investment.

    Despite war, Ukraine has every chance to ensure economic growth this year, says Yuliia Svyrydenko in Brussels