Ukraine launches new economic strategy to operate in wartime

The Government of Ukraine launches a new economic strategy that will operate in wartime, help the domestic economy survive, and lay the foundation for post-war recovery.

"On behalf of the President of Ukraine, the Government launches a new economic strategy that will operate in wartime, help our economy survive, and lay the foundation for post-war recovery. It contains a total of eight programs," Prime Minister Denys Shmyhal said at the Cabinet’s meeting, Ukrinform reports.

In particular, the PM outlined six programs of non-repayable grant support for small and medium-sized businesses. According to him, the first initiative is micro-grants to start a business, within which the state will provide non-repayable grants to create thousands of new micro-businesses. It is also possible to get a soft loan within "5-7-9" program. Applications will be submitted through Diia app.

The second program, Shmyhal said, is non-refundable grants for the development of processing enterprises dealing with woodworking, furniture production, production of clothing or accessories, building materials, agricultural processing, etc. A grant can be spent, in particular, on the purchase of equipment.

According to the Prime Minister, the program in the agricultural sector will relate to partial compensation for the cost of greenhouses. In particular, a non-refundable grant will be provided for a 2-hectare modular greenhouse project. The applications are also submitted through Diia app. The construction of up to 3,000 such greenhouses is expected.

The fourth program, according to the Prime Minister, provides grants for planting new fruit trees and berry orchards. The first expectations from the project are the planting of new gardens on a total area of ​​up to 10,000 hectares.

Another initiative concerns the IT sphere, Shmyhal said. It is expected that the Ukrainian Startup Fund will buy shares from newly established companies. The target audience of the program are start-up IT entrepreneurs who have an idea to create a startup and are looking for funding for the stage of creating a test model. The money can only be spent on development, hiring, modeling and start-up funding. The budget of the program for the year is UAH 10 billion. Priority will be given to export-oriented companies.

The sixth program is also related to IT. Within its framework, Ukrainians who want to obtain the qualification of junior developer or graphic designer, or other technical specialties, will be able to receive a grant that can be spent on IT courses. The state will provide funding for 60,000 Ukrainians, who will then be able to find work in this field, the Head of Government said.

"In total, these six grant programs can be a real driver of growth for the economy. This is a bet on small and medium-sized businesses. This is a motivation for people to stay and work in Ukraine. To work for our victory now, as well as for the development of a strong Ukraine in the future," the Prime Minister stressed.

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