Ukraine needs a new economic model. Private capital and entrepreneurs will be the key players in this new economic model. This was stated by Prime Minister Denys Shmyhal at a Government meeting on 30 June.

“The role of the state in the economy will be radically reduced. Privatisation will continue, corporate governance reform will be completed, radical deregulation will be carried out, and all services for business will be digitised,” the Head of Government said.

According to Denys Shmyhal, one of the key elements of the economic philosophy is the principle that Ukraine relies on processing. Not the export of raw materials, but the export of finished products. Ukraine’s inclusion in European and global production chains. The second point is new honest relations between the state and society.

“All services for people and businesses online. Compact state apparatus. Creation of the Government Centre. In the social sphere, this is a pension reform that should include the creation of a retirement savings system. This is a new social contract. We are building a person’s own capacity instead of dependence on the state. Social services and payments should be as targeted as possible,” the Prime Minister stressed.

The third point is a new model of education and science. According to the Head of Government, the comprehensive developments of the Ministry of Digital Transformation and the Ministry of Education and Science are almost complete and will be presented soon.

“A presidential draft law on English as a language of international communication has already been submitted to the Verkhovna Rada. English will be mandatory throughout the education system. The state will pay for English language classes through the ePidtrymka programme. We will do everything to ensure that every Ukrainian can speak English,” said Denys Shmyhal.

The fourth point of the economic philosophy, according to the Prime Minister, is the development of all Ukrainian territories: “This is the reconstruction of Ukraine on the principle of ‘build back better’. The decentralisation reform will continue. Each community will have its own recovery and development plan, based on new realities.”