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Ukrainian-German economic forum in Berlin on October 24. "Ukraine needs investments for growth. But European business also needs Ukraine to implement bold and forward-looking ideas," the Ukrainian Prime Minister emphasized. Shmyhal noted that Ukraine has resumed privatization, deepened deregulation, and created conditions for rapid investments. The government also submitted amendments to the so-called investment nanny law, which expands the circle of potential investors. Ukraine is also working on minimizing military risks for investors. In particular, cooperation with the Multilateral Investment Guarantee Agency (MIGA) has already been established.
Since the beginning of September, 14 small privatization auctions have been held in Ukraine, said the Minister of the Cabinet of Ministers, Oleg Nemchinov. According to him, on average, three participants take part in an auction - both legal entities and individuals. Bidders have offered more than UAH 800M in these 14 auctions. Nemchinov added that privatization processes were restarted at the beginning of September after corresponding legislative changes came into force. In October, the privatization process has continued. “There are two large, 100% state-owned companies, the Vinnytsia Crystal Plant and the Lviv Jewelry Plant. In my opinion, these are quite exciting objects," said the government official.
6.2 Debt
In 2023, every fourth hryvnia will be used to service the national debt.
Next year, the Accounting Chamber of Ukraine reported that 25% of budget revenue will be used to service the state debt. According to the agency, next year, the state debt will double compared to the current level reaching UAH 6.4T. To finance the budget deficit in 2023, the government anticipates raising UAH 1.7T through state borrowing. This would amount to 56% of all the state budget’s financial resources. 95% of borrowing is planned to be carried out on the foreign market. First, these are the IMF funds of UAH 633B ($17.3B) and US creditors with UAH 576B ($15.8B).
38 UKRAINE Country Report November 2022 www.intellinews.com