Kyiv News

 Ukraine has been in recession for nine quarters. After the crisis, the economy will still grow by only 3% per year – Finance Minister

Natalia Jaresko is convinced that the main thing now is to receive the IMF tranche and stop panic among the Ukrainians.

This was stated by Ukrainian Finance Minister Natalia Jaresko, Censor.NET reports citing UNIAN.

"Everything will depend on economic growth. But given the depth of the crisis, I think that even after recovery from the recession, the economy will grow by only 2-3% per year. Small and medium business are in a difficult situation - the country has been in recession for nine quarters, and I cannot promise that it will stop in the next one," Jaresko said.

She noted that due to this fact the Cabinet has to balance the provision of social benefits and increase in the budget deficit by any means necessary. There is also the factor of war and corruption of the previous regime.

Read also: Ukraine to start negotiations on national debt restructuring in March - Finance Minister

"We promise to do everything we can to stabilize the situation. The IMF loan will increase the National Bank's reserves and lower interest rates, which in turn would allow banks to lend to businesses. As a result, there will be an increase in domestic investment," Jaresko said.

The minister also added that in order to stabilize the situation Ukraine needs to get the IMF loan and replenish the reserves of the National Bank to begin with, and then overcome the panic among the population.

Источник: https://censor.net.ua/en/n326319