18:50 04.03.2020

Coronavirus epidemic could lead to economic crisis in Ukraine – acting Economy Minister

1 min read
Coronavirus epidemic could lead to economic crisis in Ukraine – acting Economy Minister

The likelihood of a coronavirus (COVID-19) epidemic in Ukraine is low, but it is gradually growing, and in the event of its onset, the country will suffer an economic crisis, acting Minister of Economic Development, Trade and Agriculture Tymofiy Mylovanov believes.

"The likelihood of the epidemic is low, but is gradually growing. The epidemic could lead to a crisis in the economy," Mylovanov said on Facebook.

The government should prepare a clear and practical economic response strategy, he stressed.

Mylovanov said among its components are monetary policy (provision of liquidity, rate mitigation, and so on), fiscal policy (tax breaks for certain industries, if necessary, budget support), and if necessary, restrictions on the economic activity of certain industries and enterprises (tourism, transport, retail).

According to him, the government, within the framework of the strategy, should also consider limiting social activity (for example, vacation for utility bills for pensioners), protective actions in international trade (duties or vice versa maintaining certain imports, prohibition of re-export of certain categories of goods whose nomenclature should be prepared by the Ministry of Health), memoranda of joint actions with the industries whose goods or services are critical during the epidemic.

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