The cost of farmland rent could increase fivefold, President of Ukraine Petro Poroshenko forecasts.

"Now the state leases its land plots twice as expensive as peasants. In 2017, the strategy of rational management of state agricultural land resources was adopted and the lease of state agricultural land should be carried out only through open auctions with single starting conditions. We must extend these standards and requirements to the land belonging to peasants. Only open auctions with single starting conditions can abolish the domination of major tenants. Due to the correct reforms, we can increase the cost of land lease in Ukraine by five times. This will be a fair position. In this way, we will increase the well-being of our peasants significantly," Poroshenko noted.

According to him, over the past few years the average rental rate for agricultural land has increased from 3% to 10% of the monetary value of land, but is still too low.

"We need to raise the cost of land rent. In order to raise the living standards. On average, EUR 52 per hectare leased by citizens-holders of shares. This is simply an unrealistic price of land lease in Europe. In Lithuania, it is EUR 81. Why don't we pay the farmer his honest rental price?" the head of state stressed.