economy
The Ukrainian parliament adopted a bill on July 18 granting the government the right to suspend payments on external public debt until Oct. 1. The bill was passed immediately in two readings and supported by 231 votes, lawmaker Yaroslav Zhelezniak said. The new law gives the government the right to suspend the payments – if necessary – until an agreement with the holders of Ukraine's external debt is reached. Proposed by President Volodymyr Zelensky's Servant of the People party, the legislation seeks to postpone payments of international sovereign debt and state-guaranteed obligations past it...
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)
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)
Ukrainian companies are forced to offer higher wages as they are faced with increasing labor shortages, according to a report by the National Bank of Ukraine (NBU) published on July 4. Over 6 million Ukrainians left or were forced out of their home country after the outbreak of Russia's full-scale war, according to UNHCR. The labor shortage is compounded by the intensifying mobilization drive as Kyiv seeks to replenish the ranks of its Armed Forces. Many sectors have been seeking exemptions from the draft for their employees. According to the NBU's report, the offered monthly salaries have con...
Kyiv Independent (UK)
Ukraine is set to receive $2.2 billion from the IMF's Extended Fund Facility (EFF), Prime Minister Denys Shmyhal announced on social media on May 31. The funding announcement comes as Ukrainian and International Monetary Fund officials reached an agreement on the fourth review of the EFF Arrangement, according to Shmyhal. The IMF's Executive Board must first approve the $2.2 billion in funding, and no timeline was provided for when that approval may come. The EFF funds are meant tolend Ukraine stability amid the disruptions of war, support the country's postwar recovery, and promote economic g...
Kyiv Independent (UK)
Ukrainian citizens, businesses, and banks have purchased over Hr 1 trillion ($25 billion) of domestic government bonds on market terms since the outbreak of the full-scale war, the Finance Ministry said on May 22. These funds have played a major role in sustaining Ukraine's financial stability throughout the all-out war, the ministry said in a press release. The ongoing invasion has put a heavy strain on Ukraine's economy and budgetary needs, forcing the government to search for additional sources of funds at home and abroad. "Thanks to the funds raised from domestic government bonds, we were ...
Kyiv Independent (UK)
The Ukrainian economy will likely grow by 3 percent in 2024, the United Kingdom's Defense Ministry predicted on May 16. The forecast aligns with previous reports from theInternational Monetary Fund (IMF) and the National Bank of Ukraine (NBU), which both anticipated growth rates between 3 and 4 percent. The U.K. Defense Ministry described Ukraine's wartime economy as "resilient" in the face of intensifying Russian attacks on the nation's power grid. "Despite attacks by Russia on Ukraine's energy infrastructure, it is likely that Ukraine will see real economic growth of around 3 percent in 2024...
Kyiv Independent (UK)
Some Russian billionaires have given up trying to keep their money in the West and are now resigned to bringing it back to Russia where it faces the ever-present risk of being seized by the Kremlin, Bloomberg reported on May 8. Increasingly cut off from Western banking and financial services, Russia's wealthiest individuals are facing a dilemma when it comes to handing their fortunes to the next generation, according to Bloomberg. Most of the billionaires who were sanctioned have opted to move assets home, the news agency reported. "The fate of this vast wealth has major implications for Russi...
Kyiv Independent (UK)
Editor’s Note: This is issue 130 of Ukrainian State-Owned Enterprises Weekly, covering events from April 27 – May 3, 2024. The Kyiv Independent is reposting it with permission. Corporate governance of SOEsUkreximbank appoints a new CEO. On May 3, Ukreximbank reported that its supervisory board had elected Viktor Ponomarenko as the new bank’s CEO following a competitive selection. According to Ukreximbank, the selection was carried out with the assistance of the recruitment company Odgers Berndtson. Ponomarenko’s candidacy is yet to be approved by National Bank of Ukraine (NBU). The bank said t...
Kyiv Independent (UK)
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