The increase of the minimum wage in Ukraine from UAH 5,000 to UAH 6,500 in 2021 may increase the state budget deficit to more than 6% of gross domestic product. This is stated in the economic review of the World Bank.
In addition, the increase in the minimum wage will increase the overall need to finance the expenditure side of the state budget to more than 13% of GDP.
Risks for Ukraine are associated with significant financing needs, with the need for payments on the public debt in 2021 and 2022 will exceed 7% of GDP, according to the World Bank estimates.
At the same time, Ukraine expects to receive $ 2.9 billion in additional official financing from the IMF, WB and EU by the end of this year. If they are delayed, the government will have to limit spending or borrow more domestically, the World Bank said.
The decision of the Constitutional Court violates Ukraine’s obligations to Western creditors. This was reported by the Ministry of Finance with reference to the statement of the head of the department Serhiy Marchenko. He addressed to the assessments of the World Bank management regarding the decision of the Constitutional Court on the officials’ e-declarations. “They […]
The European Union has expressed its readiness to help Ukraine to gain access to the coronavirus vaccine. This is stated in a statement following the summit, the text of which was published on Monday, October 6, on the website of the European Pravda. The parties agreed that a pandemic threatens the entire world and its […]
The IMF said that the continuation of Ukraine’s financial support program depends on the independence of NABU, SAP and HACCUkraine. This was stated by the representative of the International Monetary Fund Jerry Rice, on September 10 in Washington. “I can say that the creation of an effective anti-corruption base for Ukraine has been a crucial […]
The world economy is on the road to recovery amid the pandemic COVID-19, however, the final completion of the corona crisis is possible only in the case of mass use of the vaccine. This was stated by IMF chief Kristalina Georgieva and Chief Economist of Fund Gita Gopinath in their joint paper of the magazine […]
Failure by banks of their obligations under the agreement is a part of the reason for the lawsuits, the amount of which is sometimes measured in billions of dollars, it depends on the losses. One of the largest financial institutions in Germany Commerzbank, requires four US banks for damages in the amount of $ 2 […]
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More than half of the power generation capacity destroyed by Russia has been restored in Ukraine. This was announced by Deputy Minister of Energy Mykola Kolisnyk. ‘Over the past few days, there has been an increase in air temperature, which has led to an increase in electricity consumption, but we have enough generating capacity to […]
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The United States has abolished duty-free tariffs for parcels worth up to $800, known as the de minimis exemption. This benefit had been in place since 1938 and was raised from $200 to $800 in 2015 to boost small businesses on online marketplaces, Reuters reports. A six-month transition period will follow, during which postal services […]
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Last week, the value of cryptocurrency fell sharply, but now it is approaching a historic high again. According to Coin Desk, after a sharp drop last week, the value of bitcoin broke the record and reached $ 19,686. Thus, the cryptocurrency exceeded the value recorded on December 16, 2017 by $ 20,665. But the absolute […]
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The Ukrainian authority continues bank privatisation allowing. For the present, Anti-Monopoly Committee of Ukraine (AMCU) gives the permission to Sergei Tihipko of Universal Bank purchasing through the Bailican Limited Company. AMCU provides also allowance to Sergei Tihipko on the mediated acquisition through the T.A.S. Overseas investments Limited company . He intends to buy shares of […]
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The Ministry of Digital Transformation of Ukraine and Microsoft have signed a Memorandum of Cooperation aimed at developing digital infrastructure, implementing innovative technologies, and strengthening the artificial intelligence ecosystem in Ukraine, the ministry’s press service reported. “It is important for us that global technology leaders not only provide services but also become part of our […]
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The coronavirus pandemic has allowed Ukrainian pharmaceutical companies to enter new world markets – the EU and Asia. The head of the board of Darnitsa Group Dmitry Shymkov in an interview stated this with the executive director of the European Business Association Anna Derevyanko. In particular, the shortage of medicines arose due to the fact […]
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China has officially introduced a ban on electronic retractable door handles in electric vehicles, becoming the first country in the world to impose such strict requirements on EV door design. The new rules will take effect on January 1, 2027, and will require automakers to install mechanical door handles both on the exterior and inside […]
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By 2024, more than 300 branches of Privatbank will be closed; more than six thousand employees will be fired. Such measures are spelled out in the financial institution’s development strategy approved by the Cabinet of Ministers. It is noted that the bank should leave 1250 branches (according to data for 2020, 1688 of them), and […]
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Difficulties in selling oil due to reduced purchases by India have led to a second consecutive monthly drop in Russia’s oil production, which fell to 9.28 million barrels per day in January. Bloomberg reports this, citing sources familiar with the data. This is nearly 300,000 barrels per day below the quota allocated to Russia under […]
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Starbucks reported its biggest profit of all time in the UK, and it can serve as a long-term completion of a tax dispute with the British government. After the company was involved in a major tax scandal in 2012, when it was accused of tax evasion, Starbucks paid UK a large sum of income tax […]
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NASA has provided to Nokia with $ 14.1 million to deploy 4G (LTE) network on the moon. The US space agency noted that telecommunications networks of this standard will be able to provide more reliable than radio signals, communication on the Earth’s satellite, where it is planned to build the lunar base by 2028. NASA […]
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Johnson & Johnson plans to complete the third phase of trials of its single-dose vaccine against COVID-19 in mid-January 2021. Paul Stoffels, vice chairman of the executive committee, senior scientific expert at Johnson & Johnson said they plan to deliver to market 1 billion doses. “We are in the middle of the third phase of […]
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The global tourism industry could lose 120 million jobs due to the COVID-19 coronavirus pandemic. This was stated in a video message by UN General Secretary Antonio Guterres. According to him, tourism has become one of the sectors most affected by the pandemic, and no country has been unaffected by the sharp decline in international […]
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The European Commission has agreed to review the conditions under which additional tariffs are imposed on Volkswagen Group vehicles assembled in China, Carscoops reports. Instead of the standard tariff, the company proposes introducing an import quota and a minimum price mechanism. The request was submitted by Volkswagen Anhui — a joint venture between VW and […]
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Nvidia and AMD have reached an agreement with the Donald Trump administration to remit 15% of their revenues from chip sales in China to the U.S. government in exchange for export licenses, the Financial Times reports, citing sources familiar with the deal, including a U.S. government representative. Under the arrangement, Nvidia will transfer 15% of […]
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