Ukraine’s banking sector in the first quarter (Q1) of 2023 posted a significantly high profit of UAH 34 billion ($920 million), with state-owned PrivatBank accounting for approximately half of the amount, according to the Banking Sector Review published by the National Bank of Ukraine (NBU) on May 18. These profits indicate that Ukraine’s banking sector successfully weathered the ongoing economic crisis … Read more
Philip Morris International (PMI), a U.S. multinational tobacco company, plans to launch “alternative” production facilities in Ukraine – instead of reopening its factory in Kharkiv Oblast, PMI President for Europe, Massimo Andolina, said in an interview with Interfax-Ukraine news agency on May 18. The company suspended production in Kharkiv Oblast at the beginning of Russia’s … Read more
Philip Morris International, one of the leaders in the global and Ukrainian tobacco market, currently considers it unsafe to resume production at its factory near Kharkiv (Dokuchayevske village, Kharkiv district, Kharkiv region) and plans to launch alternative production in the country, said Philip Morris International (PMI) President for Europe Region Massimo Andolina. “We consider it … Read more
South Korea signed a preliminary agreement on $8 billion in funding for Ukraine on “extremely favourable terms,” the Ministry of Economy of Ukraine reported on May 17. The funding will be allocated for the post-war reconstruction of the country. The two countries signed the preliminary deal with the Economic Development Cooperation Fund (EDCF), a special division of the Korea … Read more
The European Commission has included Ukraine’s economy in its economic forecasts for the first time, according to the European Economic Forecast, Spring 2023, released on May 17. Along with Ukraine, the European Commission has also assessed the economies of Moldova and Bosnia and Herzegovina, which were also granted candidate status for EU membership. According to the EU Commission’s … Read more
It will take $411 billion to cover Ukraine’s reconstruction costs after the full-scale Russian invasion of Ukraine, the UN revealed in a report titled “World Economic Situation and Prospects as of mid-2023”, published on May 16. “The longer-term outlook for Ukraine will depend on the duration and intensity of the war and its ability to finance reconstruction, with … Read more
The five-year recovery period of Ukraine will require additional investments of about 50 billion US dollars per year. The EBRD reports this. “The latest European Bank for Reconstruction and Development (EBRD) Regional Economic Prospects report presents a scenario that demonstrates, based on the lessons of history, that the five-year recovery period will require an additional … Read more
From June 1, Ukraine will launch an electronic logging ticket and a certificate of wood origin. Yuriy Bolokhovets, the general director of the “Lisy Ukrainy” [Forests of Ukraine – ed.] State Enterprise, reported this on Facebook. “The government adopted a resolution on launching an electronic logging ticket and a certificate of wood origin. Our State … Read more
Food giant Nestlé has announced the launch of a construction project on a new production site in Ukraine’s Volyn Oblast, following a CHF 40 million ($44.6 million) investment announced in December 2022. The factory, set to commence operations in the first quarter of 2024, will be located near an existing Nestlé distribution center that has been operating … Read more
PrivatBank, one of Ukraine’s largest banks, posted a net profit of UAH 30.2 billion ($817 million) for 2022 – during the first year of Russia’s full-scale invasion, the bank said in a report on May 12. The bank’s financial statements were audited by an independent external auditor. According to the report, the bank’s dividends to be … Read more