Ukraine Is Bankrupt, Says Minister in Charge of Its Economy

Has no means to actively facilitate growth

Fri, Dec 12, 2014
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Didn't mince words

KIEV, December 10. (TASS) - Ukraine’s new Minister of Economic Development and Trade Aivaras Abromavicius said on Wednesday the country was in fact a bankrupt.

“The state, as a matter of fact, is bankrupt, so, it is simply unrealistic to expect us to offer substantive, rather than merely declarative, programmes of motivation,” he said at a session of the Verkhovna Rada (parliemant) committee for economic policy.

“Hence, the main thing now is not to impede businesses, and business will put things at rights.”

He promised that it would take about two years for Ukraine to be ranked among top 50 countries in the Doing Business rating.

“The government’s position is like this: rules for businesses - small, medium-sized and big - should be the same.

No business should enjoy preferences, unnecessary privileges, monopolization of entire industries.

Our position is to re-regulate this sphere to stop inspections, to cancel licensing that has no sense,” he said.

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He said measures should be taken to make running business maximally simple so that Ukraine could elevate from its 112nd position in the Doing Business rating. In 2014, Ukraine was ranked 96th.

Abromavicius, a former Lithuanian citizen, was approved by the Verkhovna Rada as Minister of Economic Development and Trade on December 2. Prior to that, he had to get Ukraine’s citizenship.

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