Loans at 5%, economic passport, victory over the oligarchs: What Zelenskyy promises Ukrainians

Author

Valery Moiseev

Today, on December 1, President Volodymyr Zelenskyy delivered an annual speech to the Verkhovna Rada. From his speech, highlighted the President's economic promises to the country's citizens.

Cheap consumer loans

A program for providing consumer loans "to all honest taxpayers-individuals" at 5% was announced. "Soon we will launch the program Ukrainian Dream. According to it, every citizen of our state who honestly pays taxes will be able to get a loan at a rate of 5% in hryvnia," Zelenskyy stated. Loans will be provided for purchasing real estate, electric vehicles, education, or profession change.

Victory in fight against oligarchs

"For the first time in 30 years, we have begun a systematic fight against the oligarchs... And I am sure that Ukraine will win in this fight. Ukraine will put an end to this," the President assured.

Creating new state airline and constructing airports

The first flight of the national air carrier Ukrainian National Airlines (UNA) will be operated in 2022. "By 2025, the company's fleet will be fully formed—at least 20 aircraft, regular flights will be opened—both domestic and international," Zelensky said.

The construction of airports, according to the President, is now in process in 16 cities. "We also want to build an international airport in Zakarpattia (between Uzhhorod and Mukachevo) and two airports in eastern Ukraine," he added.

Constructing roads and bridges

The plans of the state for the next two years include constructing 15,000 km of roads, 810 bridges and bridge crossings, including the Kremenchuk and Yampil bridges. Note that this hardly relates to construction alone—many roads and bridges, most likely, will simply be repaired.

Imposing funded pension system

The President called on the Verkhovna Rada to adopt a law on imposing a mandatory funded pension system. "For the first time in all the years of independence, we have agreed on the parameters of a reliable mandatory funded pension system that will allow saving funds for a decent old age," he said.

On November 1, the Servant of the People faction discussed the possibility of considering in the first reading a bill on imposing a mandatory funded pension system by the end of 2021. The reform is planned to start in 2023.

Reducing share of public debt

According to Zelenskyy, at the end of 2021, for the first time since 2013, Ukraine will reduce its direct public debt to less than 50% of GDP.

In the draft law on the state budget-2022, as amended for the first reading, the Cabinet of Ministers included a decrease in the ratio of public debt to GDP to 57.6% compared to 64.7% in the state budget-2021.

Economic passport of a Ukrainian

The President plans to submit to the Verkhovna Rada a bill on the economic passport of a Ukrainian by December 10.

He explained that, in accordance with this bill, the funds from the payment for the use of the subsoil (rent) would accumulate on the personal accounts of the children of Ukrainian citizens, who, upon reaching the age of majority, would be able to use them to get an education in Ukraine or buy their own housing.

According to People's Deputy Yaroslav Zhelezniak, in Ukraine:

all rent (not only from the subsoil) is 41.5 billion UAH (the government wants to get 47 billion in 2022);
rent for the use of subsoil of national importance—35.2 billion UAH (it will be 41 UAH);
iron ore rent—3.5 billion UAH (so far it is believed that in 2022 it will be 4.5 billion UAH).

Currently, there are about 7.5 million children under 14 in Ukraine.

New construction in Ukraine

"We have launched the program Healthy Ukraine for the first time. We have already built 600 active parks, 900 sports grounds, 193 stadiums, and 25 swimming pools as its part. There are still 9,000 sports grounds, 19 ice arenas, hundreds of children's and youth sports schools and sports boarding schools, as well as new sports palaces ahead," Zelensky assured.

In addition, another 300 schools and kindergartens will be built.

Note that every Zelenskyy’s promise was greeted by the deputies of the Servant of the People faction with thunderous applause, and many of them got up from their seats.