The Cabinet of Ministers of Ukraine has established an Economic Development Council of Ukraine responsible for developing proposals and specific mechanisms for economic growth, promoting the competitiveness of Ukrainian producers and enterprises.

“The Council shall develop an economic restart program. An analytical platform will be shaped, as well as a discussion and economic-strategic platforms, which are to comprise both MPs and experts, and all those who wish to join the process of shaping of the country's bailout strategy to respond to the challenges entailed by the coronavirus pandemic, as well as further economic development of Ukraine,” Prime Minister Denys Shmyhal stressed at a Government session on Wednesday, April 8th.

The Council will be headed by the Prime Minister of Ukraine. The Minister of Economic Development, Trade and Agriculture will serve as the Deputy Chairman. It will also comprise academicians, doctors of science, professors, international experts. Namely, Deputy Director of the National Institute for Strategic Studies, Senior fellow at the US Atlantic Council, Professor at Columbia University, Director of the State Institution of the Institute of Economics and Forecasting of the National Academy of Science of Ukraine, Director of Ptoukha Institute for Demography and Social Studies of NAS of Ukraine, etc.

The establishment of the Council will help to overcome the recession in the national economy and to formulate the main directions of the economic policy of the state aimed to improve the well-being of the Ukrainian citizens. This institution is designed to facilitate the joining efforts of representatives of civil society, public authorities, scientists, as well as to use modern achievements of science and innovation while monitoring the situation and developing proposals.

The main objectives of the Council are as follows:

• studying the problematic issues related to the implementation of the state policy in the field of economic development, as well as identifying ways, mechanisms and means of solving them;

• ensuring coordination of actions of central and local executive authorities;

• improving the legal framework;

• developing proposals for the implementation of favorable credit, tax and customs policies, etc.

The Council shall analyze the causes of problems in the sphere of economic development, monitor the implementation of state policy, study the results of the work of central executive bodies and local self-government bodies in overcoming crisis phenomena in the national economy. In addition, it shall develop proposals and recommendations to draft legislative acts on economic development issues and submit them to the Cabinet of Ministers for consideration.