The fight against Covid-19 – Avakov said the need to increase the state budget deficit by 200 billion UAH


                Avakov believes that the government should reduce costs for non-critical projects, launch lending programs for businesses at 5-7% per annum, enlist the support of the IMF                </p><div>
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                    <small>Arsen Avakov</small>
                    <small>Ministry of Internal Affairs of Ukraine</small>
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The Minister of Internal Affairs of Ukraine Arsen Avakov proposed anti-crisis measures for the period of combating the epidemic of coronavirus, among which – an increase in the state budget deficit by 200 billion, sequestration, and restructuring of external debts. The Interior Minister unveiled his ideas on his page in Facebook.

Avakov’s position regarding the necessary actions of the state for the period of struggle with Covid-19 comes down to the following steps:

1. Verkhovna Rada immediately – review the State budget: create a special stabilization fund from which to finance anti-crisis measures.

2. To increase the budget deficit by 200 billion at least.

3. Conduct a budget sequestration, reducing the cost of investments that are not critical at the present time and investments, but without compromising defense and security.

4. Conclude an agreement with the IMF, securing support in anti-crisis measures and receiving funding for assistance programs, including a support program for the coronavirus pandemic.

5. As soon as possible, restructure the external debts of Ukraine, substantially reducing the burden on interest and principal payments in the coming years.

6. It is hard to suppress speculation in the foreign exchange market and the withdrawal of anti-crisis hryvnia mass to the foreign exchange market, using legislative and binding mechanisms.

6. In no case do not curtail major investment projects in the country at the end of the quarantine. Resume after quarantine those projects that provide a multiplier for the entire economy – roads, mortgages, metallurgy, energy, engineering.

7. Adopt a special program of affordable credit resources for business at low rates of 5-7% per annum by refinancing commercial banks from the National Bank of Ukraine.

8. To provide for special measures to establish parity in the foreign trade balance, stimulating import substitution.

Earlier it was reported that the National Bank for the period of quarantine allowed citizens not to pay a mortgage and forbade imposing fines for late payments for utility bills.

Recall that quarantine in Ukraine due to coronavirus was introduced on March 12. On March 17, the government adopted a number of restrictions, including the closure of the metro throughout the country, the suspension of intercity and interregional routes, and the prohibition of transporting more than 10 passengers at a time in urban public transport. Restrictions will be valid until April 3, but may be extended.

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