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Ukrainian Economy
Economy

Deposits, loans, and simplified regulation—Zelenskyy's new economic promises

Author
Valery Moiseev

President Volodymyr Zelenskyy made a number of announcements of changes in economic policy:

  1. Introducing concessional lending during martial law. The decision to expand lending opportunities for entrepreneurs on the basis of the "5-7-9%" program has already been prepared by the government. "Any business will be able to get a loan at 0% for the duration of the martial law plus 1 month after the war. Then there will be a minimum rate of 5%. The total amount of the loan can be up to 60 million UAH," the President said in a statement.
  2. Deposit guarantees. Zelenskyy "instructed to find such a legislative opportunity that the state would guarantee 100% of all deposits in Ukrainian banks."
  3. Simplified business regulation. "There were more than 600 permits and licenses for business, and about 20 remain mandatory. Only those that simply cannot be canceled. As, for example, about radioactive waste management. So, for the vast majority of businesses in Ukraine, a declaratory principle will apply: you announce the commencement of activities—and you can work freely," the President assured.

Recall: until yesterday, March 17, residents of Ukraine could use the PayPal payment system only to a limited extent: it was possible to deposit funds into the account, but not to withdraw them. The system is now fully operational.

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