The Ministry of Finance of Ukraine announced painful measures to save the economy

Ministry of Finance of Ukraine

The building of the Ministry of Finance of Ukraine

© Avaness / Wikimedia Commons

If the military special operation of the Russian Federation in Ukraine drags on for another three or four months, then Kyiv will be forced to take painful measures to save the economy. About it declared Minister of Finance of Ukraine Serhiy Marchenko in an interview with The Economist.

According to him, in this case, the government will be forced to raise taxes, revise costs and even go for the nationalization of some companies. Marchenko noted that prolonged hostilities would harm the Ukrainian economy, despite assistance from the US, the EU and the IMF.

At the same time, the minister thanked Washington for another aid package approved by the House of Representatives of the Congress. However, he noted that Kyiv does not know what will be included in the support measures and when the package will be transferred to Ukraine. “The situation is very difficult, I will not underestimate it. But we will cope,” the minister added.

According to the current forecast of the World Bank, the recession of the Ukrainian economy in 2022 will be 45% of GDP. Economists estimated the damage from the Russian special operation at $60 billion.

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