Ukrainian Prime Minister Oleksiy Honcharuk has announced the opening of the land market in Ukraine in October 2020.

"We need to grow by 5-7% per year. We do not immediately open the land market. We thought about doing it from July 1, but then we consulted with farmers and decided to do it from October 1," he said at a conference on land administration reform on Thursday.

According to Honcharuk, Ukrainian citizens and companies will be able to buy land.

"All these should happen at transparent public auctions," the prime minister said.

According to him, the government is currently working with the NBU on a mechanism for cheapening loans.

"Ukraine, thanks to the launch of the land market, [GDP] should grow by at least 2%," Honcharuk said.

In turn, Finance Minister Oksana Markarova said that the government intends to provide farmers with a loan rate of 5% thanks to this mechanism.