Economics

The mission of the International Monetary Fund is starting its work in Ukraine to discuss the second review of the Fund-supported program. That’s according to the IMF’s Resident Representative in Ukraine, Vahram Stepanyan, according to Ukrinform referring to Reuters. "The IMF mission, led by Ivanna Vladkova Hollar, starts discussions today with the authorities on the second review of the Fund-supported program," Stepanyan said. Read also: European Parliament greenlights EUR 1.2B assistance package to Ukraine The meetings with Ukraine's officials will be held via video conference. As Ukrinform reported, earlier this month the International Monetary Fund stated it was monitoring the situation…

Prime Minister of Ukraine Denys Shmyhal has said that Putin’s recognition of the self-proclaimed "DPR" and "LPR" as independent does not affect the economic life of Ukraine. "The territories of Donetsk and Luhansk regions have been temporarily occupied by Russia for eight years. Today, the recognition of their status in no way affect our economic life, our economic development, the fulfillment of all social responsibilities to the society, to our people,” Shmyhal said on the Svoboda Slova political talk show on ICTV on Tuesday evening. The Prime Minister also stressed that the whole world supports Ukraine now. As Ukrinform reported,…

Germany has decided to suspend the certification of the Nord Stream 2 gas pipeline amid the latest decisions made by Russian President Vladimir Putin. German Chancellor Olaf Scholz told this to journalists in Berlin on Tuesday, February 22, according to an Ukrinform correspondent. The federal government is suspending the certification process for the pipeline project, "and without this certification, Nord Stream 2 cannot be launched," Scholz said. According to him, on Tuesday morning the chancellor instructed Economy Minister Robert Habeck to order the Federal Network Agency to suspend the process and reassess security risks of energy supply taking into account…

President of Ukraine Volodymyr Zelensky has invited Estonian investors to take active part in energy, infrastructure projects and development of Ukraine’s IT industry. He announced this at a joint press conference with President of Estonia Alar Karis in Kyiv on Tuesday, an Ukrinform correspondent reported. “We agreed that increasing the presence of Estonian business and investments in Ukraine will contribute to strengthening Ukraine’s resilience, the interest in their growth is bilateral. Thus, I invite Estonian investors to take an active part in energy and infrastructure projects and the development of IT sector in Ukraine,” the President said. According to Zelensky,…

Swiss Air has suspended flights to the city of Kyiv from Monday amid growing fears of a Russian invasion. That’s according to the BBC, Ukrinform reports. The airline has suspended its flights to Kyiv from Monday up to and including February 28. "The safety of our passengers and crew members has top priority at all times... The affected customers will be informed accordingly,” Swiss Air said. The company said that “they will continue to monitor the situation closely and that they are in close contact with national and international authorities.” As reported, Lufthansa has suspended flights to Kyiv for a…

Russia's aggressive behavior and Russia's dubious actions in the midst of the energy crisis in Europe are forcing the European Union to actively seek ways to diversify energy supplies and get rid of its dependence on a sole supplier. That’s according to the President of the European Commission, Ursula von der Leyen, who spoke at the Munich Security Conference on Saturday, an Ukrinform correspondent reports. "A strong European Union cannot be so reliant on an energy supplier that threatens to start a war on our continent. Gazprom, a Russian state-owned company, is deliberately trying to store and deliver as little…

Ukraine may get the first tranche of the macro-financial assistance loan from the European Union in the amount of EUR 600 million in late March or early April this year. "The EU's response in its readiness to support Ukraine by providing 1.2 billion euros in macro-financial assistance is unprecedentedly rapid. The first tranche will total 600 million euros. We hope to get it in late March or early April. Ukraine will receive the second tranche after short-term measures to implement structural reforms which are currently being worked on by the teams of the European Commission and the Ministry of Finance,"…

Ukraine has imported almost 1.3 million tonnes of coal since November 2021. Prime Minister Denys Shmyhal said during an hour of questions to Government held in Parliament on Friday, February 18, an Ukrinform correspondent reported. "Since November 2021, 17 vessels with thermal coal, for the needs of thermal power plants, have arrived in Ukraine. This is almost 1.3 million tonnes of coal," Shmyhal said. According to him, four more vessels with about 334 thousand tonnes of coal are expected to arrive by the end of this month and six vessels with 391 thousand tonnes in March. Two ships with 300,000…

The Verkhovna Rada of Ukraine has ratified agreements between Ukraine, the European Union and its Member States on the common aviation area. According to an Ukrinform correspondent, 311 MPs voted in favor of relevant draft law No.0144 on February 17. The purpose of the document is to implement the internal procedures required for the entry into force of the Agreement on the Common Aviation Area between Ukraine, on the one part, and the European Union and its Member States, on the other part. "It is expected that this agreement will increase competition on the air transport market, reduce ticket prices…

The Verkhovna Rada of Ukraine has adopted in its entirety the draft law on ratification of the financial agreement "Ukraine Urban Public Transport II" between Ukraine and the European Investment Bank. A total of 298 MPs voted for a relevant bill, according to an Ukrinform correspondent. The agreement provides for a loan of EUR 200 million from the European Investment Bank. These funds will be used to purchase new buses, trolleybuses, trams and subway cars. In addition, the project envisages the construction and modernization of tram and trolleybus lines and other activities in a number of Ukrainian cities. Among the…