business
The following is the July 16, 2024 edition of our Ukraine Business Roundup weekly newsletter. This version is condensed as the author was out of the office. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. With Ukraine desperately seeking cash to fund its defense and wartime budget needs, the country is running out of time before an Aug. 1 deadline to agree with creditors on what portion of its foreign debt will be written off as a so-called “haircut.” After a first round of negotiations ended last month without a deal, Finance Minister Serhii M...
Kyiv Independent (UK)
Russian companies have exponentially increased their recruiting in Africa, the Russian state-controlled media outlet RBC reported on July 17, citing industry data. Amid the combined impacts of Russia's full-scale war against Ukraine and the subsequent exodus of hundreds of thousands of working-age men, as well as preexisting factors, including Covid-19 mortality and an aging population, labor shortage has become an increasing issue in Russia. The data analyzed by RBC indicated that seven of the 10 countries with the highest increase in vacancies posted by Russian companies were in Africa. In K...
Kyiv Independent (UK)
Editor’s note: This is issue 64 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from July 8-14, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with permission. Benchmarks and soft commitments in the memorandum with the IMFA working group agreed to design the draft law on customs reform in line with the key provisions of the draft law on the restart of the Bureau of Economic Security. A working group of the Ta...
Kyiv Independent (UK)
With Ukraine desperately seeking cash to fund its defense and wartime budget needs, the country is running out of time before an August 1 deadline to agree with creditors on what portion of its foreign debt will be written off as a so-called “haircut.” In 2022, Ukraine and its creditors agreed to halt payments owed on its debt when Ukraine’s budget came under severe stress from Russia’s full-scale invasion. With the war raging two years on, the deal to freeze payments on around $23 billion owed to private bondholders will expire at the start of August. After a round of negotiations ended witho...
Kyiv Independent (UK)
Attracting investments through industrial parks has driven GDP growth and tripled exports in Turkey, exceeding $350 billion annually. In South Korea, enterprises in industrial parks have accounted for up to 72% of exports and employed 48% of the population. China's industrial and technology parks contribute about 23% of its GDP. These examples are more than illustrative. With over 15,000 industrial parks worldwide, many countries have leveraged them to transition from agrarian economies to high-tech processing hubs, laying the foundation for their "economic miracles." In Ukraine, even Russia’s...
Kyiv Independent (UK)
Ukraine's victory is the victory of the entire free world over dictators and tyrants. The formula for victory is well known: the strength of the Ukrainian army, the unity of the free world, unwavering long-term military and financial support for Ukraine, and, first and foremost, Ukraine's membership in NATO. One element of victory is the restructuring of Ukraine's debt. An agreement with holders of international bonds allowing Ukraine to suspend payments expires in August. However, no agreement on debt restructuring has been reached yet. Creditors must find a compromise given Ukraine's dire si...
Kyiv Independent (UK)
A quick Google search on procurement in Ukraine renders pages upon pages of corruption-related headlines. “National Anti-Corruption busts Defense Ministry food procurement scheme;” “Kyiv accuses military brass of procurement graft;” “Ukraine opens arms procurement corruption investigation.” Ukraine introduced Prozorro, an electronic procurement system implemented in 2016, as part of broader reforms to increase transparency and combat corruption. Just a few months ago, for example, the Ukrainian government transitioned the process of defense procurement to Prozorro to ensure stable supply, tran...
Kyiv Independent (UK)
Editor’s Note: This is issue 139 of Ukrainian State-Owned Enterprises Weekly, covering events from July 1-6, 2024. The Kyiv Independent is reposting it with permission. Energy sectorRussia strikes at Ukrgasvydobuvannya’s facility in Poltava oblast, the company’s press office reported on July 4. Ukrgasvydobuvannya’s acting CEO Serhiy Lahno confirmed the death of one employee and multiple other injuries. From March 22 to June 19, Ukraine faced eight massive missile and drone strikes on energy facilities. See our Issues 124, 125, 127, 129, 131, 134, 136, and 137 for more detail. See our Issues 12...
Kyiv Independent (UK)
Editor’s note: This is issue 63 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from July 1-7, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with permission. Benchmarks and soft commitments in the memorandum with the IMFThe Budget Committee recommended a draft law to restore medium-term local budgets. Ukraine's Budget Committee recommended for a first reading draft law #11131 with amendments to the Budget Co...
Kyiv Independent (UK)
The following is a chart based off of data originally published in the Kyiv-based Center of Economic Strategy's "Ukraine War Economy Tracker." The Kyiv Independent is republishing it with permission. Consumer confidence falls due to power outages and increased mobilization Consumer confidence index Current situation index Economic expectations index Source: Info Sapiens, Сenter for Economic Strategy • Consumer confidence indices. 0 - min, 200 - max, 100 - neutral opinions Until 2022, Ukrainians' consumer sentiment was closely linked to their financial situation: when the economic situation det...
Kyiv Independent (UK)
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