Parliament takes extra efforts for renovation of Ukraine’s virus-battered economy
09 June 2020, 19:15
The taskforce
head MP D.Natalukha stressed the need to find non-standard solutions, as this
corona horror gave carte blanche to each state to “prime its own responsive
arms” against this economic crisis. In addition, the head drew attention to the
deideologization of the economy itself. On that account, the only motivation
for every action of the state should from now on be exclusively achieving
national interests since "the state ought to be self-sufficient".
The taskforce secretary MP L. Buimister presented the general concept of measures to be taken for supporting the citizenry and the economy as a whole in connection with the quarantine introduced. The analysis of developed countries’ economies has shown that the current global market situation does have a direct impact upon the Ukrainian economy and does create risks and factors for its collapse. Based on the world anti-crisis experience, the secretary briefed on the remedial measures proposed for Ukraine:
- support to the real sector of Ukraine’s economy;
- UAH 300 bn (to be additionally emitted) will be equally split among the three polar programmes: (i) financial backing for nationals to spur demand for food, (ii) support to retail trading networks and SMEs by way of extending non-interest bearing and unconditional loans for paying wages/salaries and preserving jobs, (iii) investments into building the infrastructure and restoring the electricity industry.
MPs, representatives of the Council of the National Bank of Ukraine, scientists and experts took part in the concept discussion as well. They did also support the pivotal idea of the proposed programme and made a number of proposals on the topic.
The taskforce secretary then stressed that the concept draftsmen are ready to cooperate at all levels and are open to suggestions.
A digital asset bill was also presented and talked of at the sitting.
Afterwards, representatives of the Hi-Tech Office Ukraine showcased a package of technological solutions tailored for issuing an electronic currency and monitoring of macroeconomic indicators, which are also capable of facilitating and providing real-time appraisals of the economy and calculating consequences of decisions made in advance.
Summing up the meeting, the taskforce head clarified that among the reasons to set up this working group there was the International Monetary Fund becoming a Hobson's choice, a zero option lender for our country – and so no one can answer now the question: "If not the IMF, then what?". However, as per him, Ukraine does have its own "phenomenal potential".