The International Monetary Fund approves $5 billion Stand-By Arrangement for Ukraine
The IMF Executive Board approved an 18-month $5 billion Stand-By Arrangement (SBA) for Ukraine. The approval of the SBA envisages the immediate tranche of $2.1 billion. The remainder will be divided into four reviews. The program is aimed at helping Ukraine to cope with the challenges amid COVID-19 pandemic by providing the balance of payments and budget support, while safeguarding achievements to date and advancing a small set of key structural reforms, to ensure that Ukraine is well-poised to return to growth, reads the IMF press release. According to the IMF, the full and timely implementation of policies under the Fund-supported program will be critical to mitigate economic risks and lay the ground for stabilization and recovery.
Moody’s improves Ukraine’s rating to B3 from Caa1
International rating agency Moody’s has upgraded the Government of Ukraine’s long-term issuer and senior unsecured ratings to B3 from Caa1. The rating’s outlook is stable. According to Moody’s, the key factor driving the upgrade is the easing of Ukraine’s near-term funding challenges and the safeguards afforded to recent improvements in its external vulnerability as a result of the announced new financing program with the International Monetary Fund. The rating update reflects Moody’s expectation the IMF program will help anchor the progress of the reforms achieved in recent years.
NBU cuts its key policy rate to 6%
The National Bank of Ukraine has decided to cut its key policy rate to 6% per annum. The NBU continues its monetary policy easing to support the economy when quarantine restrictions are gradually lifting. Overall, the key policy rate has decreased by 7.5 pp since the beginning of this year, which is the lowest in Ukraine’s history.
Join the online discussion on the opportunities in IT sector Ukraine has to offer
Within the I3 Forum organized by the Qatari International Business Delegations Summit, UkraineInvest Executive Director Mykhailo Bechkalo will participate in the online discussion on the investment opportunities in the IT sector, which is one of the most prominent and fastest-growing sectors in Ukraine. The conference will take place on June 18th, 2020. Please register to reserve your spot. The I3 Forum is an ecosystem of three main business forces engaged to collaborate, ideate, partner up and make business and investment decisions aimed at establishing the new local and international ventures.
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Read about the rest of the reasons in the article.
Chinese COFCO to implement an investment project in Mariupol Sea Port
Mariupol proves to be one of the key logistics centers for the export of the agricultural products, ensuring Ukraine’s place as a logistics nexus in the global supply chain. Within the agreement between COFCO, Administration of Sea Ports Authority and Sea Trade Port Mariupol, the counterparts agreed to implement the investment project in the Mariupol Sea Port which allows increasing of the transshipment facilities by 3.5 times. In particular, the project envisages the development of the port’s berths infrastructure, the construction of the grain terminal at berth No. 3 and transshipment complex at berth No. 2 and 3. The project foresees $50 million of the investments and the creation of 90 new working places.
The State Property Fund puts on the auction Hotel Slavonic
Don’t miss an opportunity to create an attractive tourist facility and recreation spot! The State Property Fund of Ukraine has put on the auction Hotel Slavonic.
📍 The object is located in Novhorod-Siverskyi, Chernihiv region, near Desna river
📅 Bidding starts on July 3, 2020
🔗 Get more information about the object and additional requirements for the winner of the auction.
Lviv wins Gold Award for Environmental & Social Best Practice
The EBRD 2020 Sustainability Awards acknowledge winners which demonstrated innovation, best practice and leadership. This year Lviv won the Gold Award for Environmental and Social Best Practice. Lviv was the pilot city in the EBRD’s Green City Programme in Ukraine. Under the EU Covenant of Mayors Lviv was one of the first cities to voluntarily undertake CO2 reduction obligations and launched a number of environmental projects. Lviv is notable for having developed eight municipal projects with the EBRD across every area of municipal services, including public transport, e-ticketing, solid waste, wastewater treatment and biogas production, district heating and roads rehabilitation. Throughout this collaboration, Lviv has consistently placed environmental and social innovation at the top of its agenda, reads the EBRD’s press release. Read more.
The Ministry of Digital Transformation of Ukraine launched Diia City
Diia City is a virtual digital country with no boundaries for investments, jobs, cutting edge technologies development. Both Ukrainian and foreign entrepreneurs have an opportunity to bring up the most ambitious innovative business ideas. Read more.
Ukrainian Banda Agency became the most effective independent agency worldwide
Ukraine is becoming the booming location in marketing and advertising communications as top-notch talent and affordable prices make it an attractive alternative to many Western destinations. Ukrainian Banda Agency won the Effie Award 2020 in the category of the most effective independent agency in the world. Banda returns to the leading positions, previously agency was ranked #1 in 2013 and 2015. The Effie Index evaluates the most effective agencies, marketers, brands, networks and holding companies. Effie’s annual rankings are one of the most comprehensive global ratings highlighting marketing effectiveness. Banda is one of the leading creative agencies in Ukraine. The agency received six Red Dot Awards in 2018 and bronze Cannes Lion for the Eurovision project “Celebrate Diversity”.
