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  • Prime Minister: Support for business and the economy has disabled a significant annual drop in GDP
    Communications Department of the Secretariat of the CMU, posted 28 December 2020 18:34

    Thanks to state support for business and the economy, Ukraine has managed to avoid a significant drop in GDP in 2020. This was stated by Prime Minister Denys Shmyhal during the wrap-up session of the Cabinet of Ministers on December 28, 2020.

    The Head of Government reminded that in the spring IMF economists had forecast a drop in Ukraine's GDP this year by more than 8%, which was comparable to other countries. The Prime Minister stressed that one of the most important areas of economic support was the implementation of infrastructure projects within the program of the President of Ukraine Volodymyr Zelenskyy "Great Construction".

    "Never before in Ukraine have been built and reconstructed so many highways, schools, kindergartens and sports facilities throughout a year. More than UAH 100 billion of investments in infrastructure projects. Next year we have just as ambitious plans to build social and transport infrastructure," said Denys Shmyhal.

    According to the Prime Minister, this year the Government has managed to implement a significant number of anti-crisis economic programs to support people and businesses. In particular, a partial unemployment program was launched, thereby allowing to save jobs for more than 400,000 people.

    An unprecedented program of cheap and affordable loans "5-7-9" has triggered. Almost no one believed that in the crisis year it would be able to prove its real efficience. But we see more than UAH 16 billion in loans issued to 7,000 different enterprises and entrepreneurs," the Prime Minister stressed.

    Denys Shmyhal added that since April 1, 2002, pension benefits for 1.5 million pensioners aged over 80 had been increased by UAH 500, and in May all pensions had been indexed by 11%.

    "To support our retirees during the pandemic, a one-time cash benefit of UAH 1,000 was paid. In general, the average pension has actually increased to UAH 3,500, and this growth will continue next year," the Prime Minister emphasized.

    Apart from that, the Head of Government reminded that registration for receiving a UAH 8,000 one-time financial assistance from the state continues until January 31.

    "We already have more than 400,000 applications for assistance from the state through the winter vacation quarantine in January. As of today, we have already transferred UAH 2.8 billion," said Denys Shmyhal.

    In addition, during the meeting, the Prime Minister commissioned the Ministry of Social Policy and the heads of regional state administrations to ensure a smooth process of subsidies processing during the quarantine restrictions in January.

    Prime Minister: Support for business and the economy has disabled a significant annual drop in GDP