On Wednesday, May 27, the Prime Minister of Ukraine Denys Shmyhal chaired a meeting of the Economic Development Council of Ukraine to tackle the Economic Stimulus Program aimed at overcoming the consequences of the COVID-19 epidemic, presented today at the Government session.
The meeting was attended by Deputy Head of the Office of the President of Ukraine Yulia Kovaliv, Minister for Economic Development, Trade and Agriculture Ihor Petrashko, MP of Ukraine, Chairman of the Verkhovna Rada Committee on Humanitarian and Information Policy Olexandr Tkachenko, Deputy Chairman of the Verkhovna Rada Committee on Budget Oleksandr Trukhin, Deputy Director of the National Institute for Strategic Studies, Secretary of the Council Yaroslav Zhalilo, Director of Ptoukha Institute for Demography and Social Studies of NAS of Ukraine Ella Libanova, Director of the State Organization "Institute of Economics and Forecasting of the National Academy of Sciences of Ukraine" Valerii Geiets, Senior Fellow at the US Atlantic Council Anders Åslund, Advisor to the President of Ukraine Oleh Ustenko, Professor at Columbia University Willem Buiter and Professor of Economics, Finance and Risk Management at Kyiv Mohyla Business School Pentsak Eugene.
During the meeting, members of the Economic Development Council had the opportunity to consider the main provisions of the program and express their comments and suggestions. The Prime Minister stressed that a broad expert community was involved in the preparation of the program, "including members of the Economic Development Council" and the proposals previously submitted by members of the Council have already been taken into account in the program.
Moreover, Denys Shmyhal thanked the members of the Council for both positive feedback and constructive criticism, as such a discussion helps to adjust the document. The PM reminded that "certain measures included in this Program are already being implemented, although to some extent this is not happening fast due to existing restrictions, bureaucracy and the need to amend the legislation." In this regard, the Prime Minister addressed the MPs present at the meeting, emphasizing that the Government will continue to cooperate with parliamentary committees and deputies. "I hope this will allow us to quickly adopt the necessary decisions and changes to the legislation," said the Prime Minister.
Meanwhile, Denys Shmyhal noted that measures to protect domestic producer are paid special attention in the program, but the Government will use only the range of tools granted by the World Trade Organization under the General Agreement on Tariffs and Trade. "We will act within the rules that have been established in the world," the Prime Minister assured.
"We intend to make this document rather efficient, but we need to move from documents to action. We must, first of all, support small and medium-sized businesses, Ukrainian producers and move towards overcoming this economic slowdown," Denys Shmyhal concluded.
It should be noted, today, at its meeting the Cabinet of Ministers has approved the Program of stimulation of economy to overcome the consequences of COVID-19 epidemic: "Economic Recovery" with a condition of its adjustment within three days.
The Program takes into account initiatives in the following areas: access to finance, access to markets, deregulation, modernization and development, access to infrastructure. An important part of the program will be systematic and thorough support of domestic producers. The main priority is job creation and payment of taxes in Ukraine.
Moreover, the Program provides for a wide range of support tools: export promotion assistance; available loans, grant programs; expanding the participation of SMEs in public procurement. An ambitious goal is to enter the TOP-30 countries in the world in terms of ease of tax administration.
According to the Prime Minister, the Program envisages that Ukraine will use the full range of WTO and GATT instruments to protect its enterprises.