14:10 05.09.2020

Creating stock market, introducing contributory pensions are Ukraine's priority - PM

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Creating stock market, introducing contributory pensions are Ukraine's priority - PM

 Ukraine lacking contributory pensions, a stock market, toll roads and waste recycling in the 29 years since it gained independence is a crime, Prime Minister Denys Shmyhal has said.

"Being really aware of the demographic forecast for the development of Ukraine, I understand that for most of the people who are sitting in this room, the current pension system will not be able to provide for a pension, not even a thousand of hryvnias. We must switch to the contributory [pension plan]," Shmyhal said at a forum hosted by the UNIT.City innovation park in Kyiv.

"We must create a stock market for businesses and individuals in Ukraine, because it is the resource we have been looking for abroad, while billions of dollars are in Ukraine. So this is a priority, we will work on it," Shmyhal said.

Also, this year the government intends to continue infrastructure projects, including a switch to irrigation, and deal with bridges as well as roads, which might help the metallurgy, he said.

Shmyhal expressed his confidence that, with government support, industries such as mechanical engineering, aircraft building, space, and defense, will manage to raise $1-2 billion next year for big contracts.

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