Ukraine prepares for economic crisis: Creates stabilization fund, held talks with IMF

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Prime Minister of Ukraine Denys Shmygal at a government meeting has urged the Cabinet of Ministers to be prepared for the economic crisis in the country, which could be caused by global financial crisis.

“The government has no moral rights to limit its activities only to counteract coronavirus. We must be prepared for other challenges – the global crisis and the possible economic crisis in Ukraine, caused by it. We have no doubt about this, and this is also a challenge for the Minister of Economy, for the government, for the whole country and business in particular,” the head of government said.

Shmygal instructed the Minister of Economic Development, Trade and Agriculture Ihor Petrashko to develop several scenarios in order to be ready to quickly response to any possible scenarious.

“We have analyzed the state of both the Ukrainian and the world economy. I have already ordered the Ministry of Economic Development to develop several scenarios of possible economic consequences for Ukraine in the current conditions, so that we can respond quickly. And now I give this order to the newly appointed minister,” the head of government emphasized.

According to Shmygal, Ukraine is negotiating with the International Monetary Fund (IMF) regarding support during the outbreak of the global crisis and hopes for a positive result in the near future.

“We are actively negotiating with the IMF for assistance. A meeting with the G7 ambassadors took place. Also every day we negotiating with the IMF in a selector mode. We are moving forward regarding financial support from this international organization,” the prime minister added.

According to the head of government, the finance minister received relevant order.

“We hope for a positive result in the near future. The feedback from the IMF are pretty positive as of today,” Shmygal said.

At the same time, the Cabinet of Ministers creates a stabilization fund to deal with the consequences of coronavirus infection.

“Today we will decide on the creation of a stabilization fund for the state. The main challenge is the coronavirus, and we must give a decent response to that threat,” the prime minister emphasized.

Shmygal also added that the government plans to allocate money from the state budget for additional payments to health workers and representatives of other specialties that are involved to counter the spread of coronavirus infection.

Read also: Zelensky signs law on counteraction coronavirus.

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