Prime Minister Groysman promises a strong Ukrainian economy in five years

Prime Minister Volodymyr Groysman stated in an interview with Ukrinform that in just two years Ukraine can reduce its debt burden to 50% of its gross domestic product, and in five years the country will have a strong economy.

While commenting on recent agreements with the International Monetary Fund, the Prime Minister said that Ukraine is already beginning to reduce, rather than increase debts.

Groysman also spoke about the “balanced and non-deficit” draft state budget for 2019 that he claims will amount to 1.2 trillion hryvnia. Meanwhile, the Budget Committee received proposals for 2.2 trillion hryvnias.

The head of government stated that exchange rate of the UAH to USD at 29.4 is absolutely real. “That is why it is the rate which is used within the project budget. And this year it was even lower than forecasted,” he noted. Groysman also suggested that the average salary in Ukraine will reach at least ten thousand hryvnia ($356 USD) by the end of next year.

Despite Groysman's assurances, a stronger economy is not a foregone conclusion. On October 19, at an emergency meeting, the Cabinet of Ministers of Ukraine decided to increase the retail gas price by 23.5% starting November 1, 2018. The increase of gas prices in Ukraine was one of the demands of the IMF.

  Ukraine, Groysman, Ukrainian Economy, Cabinet of Ministers of Ukraine