Government to stimulate programs to cut financial resource cost for business - Shmyhal

Prime Minister Denys Shmyhal says that in order to accelerate economic growth, the Ukrainian government will continue to stimulate government programs aimed at facilitating access to financial resources.

The prime minister stated this at a special gathering of business community “EBA Global Outlook 2021: the Year of Big Questions,” when asked how the government would accelerate economic growth of the country, an Ukrinform correspondent reports.

"It is access to cheaper financial resources. The program ‘Affordable loans at 5-7-9%’ is already well-known, we continue to improve it. We also include mortgages in this program, mortgages at 7% will be available in Ukraine from March 1. The National Bank has adopted some resolutions that will mitigate banks' requirements for creditors regarding access to credit resources," Shmyhal said.

The prime minister also noted that the Cabinet of Ministers is completing work on the Diya.City project, which should become a very profitable and convenient tool for business.

According to him, economic development is impossible without fast, long-term and cheap financial resources.

He also added that the government expects a 4.6% economic growth and a low level of inflation.

As Ukrinform reported, according to the Finance Ministry, since the start of the government program ‘Affordable loans at 5-7-9%’, authorized banks have already issued 8,430 loans for a total sum of UAH 19.7 billion.

The program was launched on February 1, 2020. Loans provided under the government program are available in 23 authorized banks.

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