18:38 23.03.2020

President's office estimates extra costs to fight COVID-19 at $3.5-4 bln, expects to double IMF funding

2 min read
President's office estimates extra costs to fight COVID-19 at $3.5-4 bln, expects to double IMF funding

The President's Office estimates additional costs for fighting COVID-19 at $3.5-4 billion and expects to double financing from the IMF, Yulia Kovaliv, the deputy head of the President's Office, has said.

"Only for the fight against coronavirus we already need an additional $3.5-4 billion. These are the calculations that we are discussing, including with the IMF. We are talking about the purchase of protective means, financing medicine, and additional payment to doctors," she said during an online discussion organized by the European Business Association (EBA).

The authorities are currently developing a new package of bills to support business during the fight against the disease caused by the new coronavirus.

"First of all, it will concern changes to the Labor Code and labor relations in order to legalize both the remote place of work and the individual work schedule – all those issues that we receive online from businesses," Kovaliv explained.

The possibility of partial compensation and more flexible regulation of sick leave and downtime is also being considered.

"The state will be ready to take part of these expenses on the wage fund and share these expenses," she said.

According to her, the package of draft laws on support for businesses adopted last week will cost the national budget UAH 10 billion.

Kovaliv also noted that the Ministry of Finance is developing amendments to the national budget for 2020, which should provide for cost reductions of $1.7 billion.

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