Ukraine reaches preliminary deal with bondholders on debt restructuring
Based on the deal, Ukraine stands to save $11.4 billion over the next three years and $22.75 billion by 2033, Prime Minister Denys Shmyhal explained.
Economy
Ukrainian parliament passes law on postponing external debt payments
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 its August deadline.
Russian companies increasingly looking to Africa to fill vacancies, media reports
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.
Modern polyclinic sparks revival in small town near Dnipro
Editor's note: This story was sponsored by U-LEAD (Ukraine – Local Empowerment, Accountability and Development Program), a partnership of the Ukrainian government and the European Union and its member states Germany, Poland, Denmark, and Slovenia, to support the establishment of a transparent, accountable and responsive multi-level governance system in Ukraine. PERESHCHEPYNE,
National Bank sets new historic low for hryvnia exchange rate
The hryvnia exchange rate on the interbank foreign exchange market surpassed Hr 41 per dollar on the morning of July 12.
Ukraine's GDP grew by more than 4% in 6 months
"Due to the high adaptability to difficult conditions and experience in responding to such challenges, the Ukrainian economy continued to grow" in June, said Economy Minister Yulia Svyrydenko.
Opinion: How Ukraine's industrial parks are pioneering economic transformation
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.
Opinion: Restructuring Ukrainian debt is a step toward democratic victory
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
Russia faces 6th straight month of price growth, Bloomberg reports
The annual inflation rate for June was 8.59%, up from 8.30% the previous month. The figure is significantly higher than that of the U.S., which is expected to be around 3.1% for the month of June.
Labor shortages drive up wages in Ukraine, central bank says
According to the NBU's report, the offered monthly salaries have continuously grown from around Hr 13,500 ($332) in February 2022 to roughly Hr 19,500 ($480) in May 2024.
Russia struggles to control finances as Ukraine invasion spending soars
Since the full-scale invasion of Ukraine began in 2022, the Russian government has focused all of its financial resources on funding the war. As the war is the Kremlin's number one priority, all tools at its disposal have been used: increased taxation, sovereign funds, domestic borrowing, and the printing of
Canada trade minister: Revamped trade deal shows commitment to Ukraine for ‘decades to come’
After a long journey fraught with a global pandemic and all-out invasion, Canada and Ukraine successfully revamped a free trade agreement that comes into play on July 1, expanding the relationship between Canadian and Ukrainian businesses. The Canada Ukraine Free Trade Agreement (CUFTA) was initially introduced in August 2017, abolishing
Forbes Ukraine: Ikea decides to reopen store in Kyiv
Swedish furniture giant Ikea decided in May to make plans to reopen its store in Kyiv, Forbes Ukraine reported on June 27, citing two managers of shopping centers and two commercial real estate consultants.
Statistics service: Ukraine's GDP up 6.5% in first quarter
Preliminary estimates suggest that Ukraine's gross domestic product (GDP) increased by 6.5% in the first quarter of 2024 compared to the first quarter of 2023, Ukraine's State Statistics Service reported on June 25.
How Ukrainian town scaled up vegetable production, creating jobs for IDPs and locals amid war
Editor’s note: This story was sponsored by U-LEAD (Ukraine – Local Empowerment, Accountability and Development Programme), a partnership of the Ukrainian government and the European Union and its member states Germany, Poland, Denmark, and Slovenia to support the establishment of a multi-level governance that is transparent, accountable and responsive to
Zelensky meets with Singapore’s president to discuss bilateral relations
President Volodymyr Zelensky thanked Singapore’s clear stance on the war in Ukraine and discussed prospects of bilateral relations with his Singaporean counterpart, Tharman Shanmugaratnam, the President's Office said.
Ukraine to receive $2.2 billion from IMF's Extended Fund Facility
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.
Russia to increase taxes on companies and wealthy individuals to further fund war against Ukraine
The Russian Finance Ministry has proposed substantial tax increases on corporations and wealthy individuals to generate about 2.6 trillion rubles annually, to address the fiscal deficit following the full-scale invasion in Ukraine.
Ukrainians have purchased $25 billion in domestic government bonds since start of full-scale war
"Thanks to the funds raised from domestic government bonds, we were able to finance more than 200 days of our security and defense, which is equivalent to 15% of Ukraine's GDP (gross domestic product) in 2023. Investments in government bonds have become the second largest source of financing for the State Budget after international aid," Finance Minister Serhii Marchenko said.
UK Defense Ministry: Ukraine's economy to grow by 3% in 2024
"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," the ministry said.
European Commission predicts Russia's GDP growth in 2024 to reach almost 3%
The forecast was still lower than the one reported by Russian Finance Minister Anton Siluanov in April, who claimed that the country's GDP would grow by 3.6% in 2024.
Bloomberg: Russian tycoons move assets home amid Western sanctions
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.
Ukraine state-owned enterprises weekly — Issue 130
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 SOEs Ukreximbank appoints a new CEO. On May 3, Ukreximbank reported that its supervisory board had elected Viktor Ponomarenko
Ukraine expects $38 billion in external financing after fulfilling IMF requirements
Foreign aid is crucial for Ukraine as the economic pressure caused by the full-scale Russian invasion mounts. The besieged country received $42.5 billion in external financing last year, allowing it to function amid the ongoing war.
National Bank institutes largest package of currency liberalization measures since February 2022
"This move, together with other measures by the NBU, should allow Ukrainian businesses to 'breathe to their full potential' and help attract private capital to recover the economy," said NBU Governor Andriy Pyshnyy.
Bloomberg: Russians who left abroad increasingly return home, boosting economy
Around 1 million Russians left the country after the start of the all-out war due to their opposition to the invasion or out of fear of mobilization.
Russian media: Russian official in Urals region arrested on suspicion of bribery
TASS and other media outlets that reported on Andrey Kislitsyn's arrest did not provide any other details on the charges, but mentioned that he was sentenced to at least two months of pre-trial detention.
Ukraine finalizes trade agreement with UAE
Ukraine and the United Arab Emirates have finalized a bilateral trade agreement that lays the foundation for deepening investment and trade between the two countries, Ukraine's Economy Ministry announced on April 29.
Swiss parliamentary committee backs proposal to send $5.5 billion in aid to Ukraine
While the proposal must still get through more legislative steps before becoming law, it was supported by lawmakers from both center-right and center-left parties.
Shortage of personnel in Ukrainian labor market increased significantly since last year
Seventy-four percent of surveyed companies in Ukraine are experiencing a personnel shortage, according to a new study published by the European Business Association (EBA) on April 24.
MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 52
Editor’s note: This is issue 52 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from April 15-22, 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. World
Monthly chart: Ukraine braces for tough summer months as Russia renews attacks on energy infrastructure
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. Ukraine is forced to rely on electricity imports after Russian attacks Net commercial exports of electricity, MWh Positive net exports
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