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Deregulation of businesses allows doubling the FX reserves

The Minister of Economic Development and Trade Pavel Sheremeta believes that the economic impact of facilitation of businesses strategy will double the forex reserves of the state. “ The expected economic impact in the six main economic sectors will be 85 billion UAH. In turn, the decrease of corruption schemes will bring up to 60 billion UAH and budget expenses of 16 billion UAH”, states the official. In particular, the deregulation is planned in six main economy sectors:  food industry, agriculture, building sector, oil and gas industry, power sector and information technologies.

The concept of business facilitation includes thousands of deregulation initiatives and provides for liquidation of:

- licenses

- authorizations

- procedural rules

- certifications

- orders.

The concept provides for limiting the inspections and liquidation of departments and other state regulatory bodies.

“We realize that while implementing this initiative we will face the strong pushback from the state apparatus, as well as adoption of legislative acts on deregulation in Verkhovna Rada (the parliament), that is why it is very important to publicly discuss this reforms and initiatives in order to gain public backing”, highlighted the minister. The overall economic impact expected until 2020 is around 170 billion UAH. The implementation of the only 14 first initiatives enables to stop the corruption schemes up to 8-9 billion UAH a year.


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