PM Shmyhal: Ukraine's economy, financial system remain stable

Currently, there are no economic reasons for worsening situation in Ukraine, except for panic. The country's economy and financial system remain stable.

"We have enough reserves and strength to withstand not only military but also economic, trade, and energy aggression. We have no economic reason for worsening situation, except for panic. We continue our active cooperation with the International Monetary Fund. And today we welcome the start of yet another IMF mission in Ukraine," Prime Minister of Ukraine Denys Shmyhal said at the Cabinet’s meeting on February 23, an Ukrinform correspondent reports.

According to him, the Government has enough funds on the accounts to finance all government expenditures. For the first two months of 2021, the budget will receive about UAH 15 billion more than expected.

"The National Bank has enough reserves, and international partners have already provided guarantees and financial support to the tune of one billion dollars. Exports of Ukrainian goods in January increased by 50%, retail trade turnover – by a record 18%. Ukraine is provided with energy resources and works towards gaining additional alternative routes of their supply,” the Head of Government assured.

He also reminded that President Volodymyr Zelensky proposed to create the Ukraine Resilience and Recovery Fund which should ensure macroeconomic and macrofinancial stability, as well as promote large-scale transformation of the country.

"Economically strong and stable Ukraine is one of our main long-term responses to aggression," Shmyhal concluded.

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