Statement by Prime Minister of Ukraine Denys Shmyhal at a session of the Government

Dear colleagues, dear Ukrainians.

The stability of the financial system and our economy’s resilience during the war is one of the essential objectives of the Government. We have managed to provide such stability, and it is important that it continues to be that way.

For this purpose, the Government engages in active cooperation with international partners and at the same time increases the self-sufficiency of our economy.

This week, the European Parliament has approved the disbursement of a EUR 5 billion macro-financial assistance. The IMF announced the allocation of an additional tranche of USD 1.4 billion to Ukraine. The European Investment Bank also decided to allot EUR 500 million for our country. By the end of the year, we expect another EUR 3 billion from the EU, as well as support from the U.S. in the amount of USD 4.5 billion. In general, we have a clear understanding of how we will spend this year and the next in terms of financing the army, pensions, salaries of teachers and doctors.

Meanwhile, as I have said, we must increase our economic and financial self-sufficiency. This means efforts to kickstart the economy, supporting employment and finding new tools aimed to generate budget revenues without increasing taxes.

Military bonds have become one of the extremely important financing tools for our army. During the full-scale war, Ukrainian businesses and citizens have already purchased military bonds worth more than UAH 100 billion. Today, at our Government’s session we shall endorse a resolution enabling every Ukrainian citizen aged over 18 to easily and conveniently purchase military bonds through the Diia.

Every citizen will be able to fill out a simple application, choose the type of military bonds and purchase them to support the defense capability of our state.

The economic stability of the state is inextricably linked with the private sector. More private businesses means more jobs, more taxes for the state. Therefore, the Government has launched a program of non-refundable grants for starting a business - the eRobota initiative. In two months, Ukrainians have already submitted more than 10,000 applications for such grants. 1,115 applications have been approved as of today.

At this session, the Government allocates another resource worth UAH 35 million to finance the shortlisted applications for starting new gardens and greenhouses. These funds are then converted into new jobs, taxes, new goods and a more sustainable economy. The eRobota program will prolong next year and, together with soft credit programs, will become one of the main tools for supporting small and medium-sized businesses.

As to additional programs to stimulate the economy, in particular, in the construction industry. This October, the Government will launch a program of subsidized mortgage lending, updated to meet the needs of wartime. Mortgages at 3% per annum will be provided to Ukrainian military personnel, law enforcement officers, teachers, doctors and scientists. An initial payment of 20% and a mortgage term of up to 20 years allows everyone who deals with protection, healing and teaching Ukraine to get their own home. Today, the Government adopts two more resolutions that will actually allow the program to be launched in accordance with the updated rules.

To simplify the entire process of applying for a mortgage, we will make such a function in the Diia. The service is currently under development, but everything will be just as convenient and simple. You fill out an application, choose housing, receive a response from the banks, sign a contract for the purchase of housing and a contract for a mortgage.

Thanks to the affordable mortgage program, we want to provide hundreds of thousands of Ukrainians with their own comfortable housing. At that, this program should become one of the drivers of the recovery of our economy and the reconstruction of our state.

Finally. The heating season will soon begin in Ukraine. The most challenging in history. Preparations for it were ongoing throughout the summer and continue now. The state of readiness is already more than 80%. Significant coal resources have been accumulated, and gas is being pumped into storage facilities. We are forming agreements with partners on additional deliveries of blue fuel. A UAH 1.4 billion resource was allocated for emergency preparedness. Almost 1,500 mobile generators and dozens of backup boilers have already been purchased. An operational headquarters has been established with an aim to promptly resolve any crisis issues. First of all, the issue of eliminating the consequences of russia's attacks on our critical infrastructure. We have geared up and are still working on all possible scenarios. And we will do everything we can to ensure that Ukrainians have heat, light and water this winter.

We prolong our work for the victory!

Thank you for attention. Glory to Ukraine!