19:34 18.05.2018

Ukraine needs some unpopular, but necessary for survival steps - businessman Fuks

2 min read

Ukrainian businessman and philanthropist Pavlo Fuks believes that in Ukraine it is necessary to make a number of unpopular, but necessary steps for the survival of the state: to lift a moratorium on the sale of land and to conduct privatization.

Thus, Fuks quoted the International Monetary Fund (IMF) Resident Representative in Ukraine Goesta Ljungman: "Strong and efficient government institutions are a key factor in the economic growth of the state. Institutionally mature states demonstrate the highest rates of economic development."

According to him, there are a number of important reforms that must be continued in Ukraine for the country's sustainable economic growth, namely:

• Restructuring of the National Bank;

• Cleaning up of the financial sector;

• Restructuring of the public finance management system and the tax administration;

• Pension reform;

• Reform of the energy sector;

• Privatization;

• Combating corruption;

• Opening of the land market.

"I think that the requirements are absolutely adequate. It is necessary to remove the privileged persons who enjoy tax preferences and earn super profits on the state-constituting facilities. We need clear and unified conditions for everyone. Tax reform with the inevitable 'zero declaration.' It is necessary to make a number of unpopular but necessary for the survival of the state steps: to lift the moratorium on the sale of land and to conduct privatization," Fuks said.

Earlier, Pavlo Fuks said that "it is necessary to drive away the crowds of inspectors," since the sole purpose of the inspections is to create a corrupt system. He also supports the government's position that "the foundation of a strong state is laid by the medium and small-sized enterprises."

Early May, Pavlo Fuks wrote that the government's decision to give green light to small-scale privatization, as well as the approved list of large enterprises for privatization in 2018, is a huge positive prospect for the state.

Ukrainian businessman and philanthropist Pavlo Fuks also said that Ukraine's Long-Term Foreign-Currency Issuer Default Rating at "B-" with Stable Outlook, which was affirmed by Fitch Ratings, is a signal for investment.