The panic on the global financial markets, caused by the coronavirus spread and the drop in oil prices, poses a huge threat to Ukrainian economy. The Cabinet, during the upcoming session of the Verkhovna Rada, must present an emergency plan aimed at preventing economic collapse, OPPOSITION PLATFORM – FOR LIFE MP Serhiy Lovochkin told journalists after the meeting of the parliamentary committee on defense and national security.

“The financial market has been seesawing since early this week. As predicted by the opposition, the international venture capitalists are withdrawing funds from the country that were raised last year for the bonds of the domestic government loan. The hryvnia exchange rate against the dollar drops by 40–50 kopecks daily, and no one knows when it will stop. World prices for Ukrainian exports are falling: over the past three weeks, the price of wheat has fallen by 10 percent, corn — by 3 percent. Ore and metal prices are expected to slide following the fall of the oil market. All of this resembles the events of the fall of 2008, which events cost the country and its citizens dearly.

“Therefore, it is necessary that the Cabinet of Ministers, during the upcoming meeting of the parliament, submits an emergency plan aimed at preventing economic collapse. They must also review the budget and reserve the funds for dealing with the consequences of the epidemic and the crisis,” the MP said.

The politician said European governments had been proposing measures to support national producers due to a drop in consumption. Such emergency measures include tax holidays for businesses forced to close production during an epidemic, payments to households to stimulate demand, additional transfers to affected areas, and the issuance of affordable loans.

“To stabilize the social and economic situation in Ukraine, we need not only economic, but also political steps. It is necessary to stop the war as soon as possible, because it exacerbates the crisis. The implementation of the Minsk agreements is no longer a wish, but a real necessity. A new gas contract is needed to ensure cheaper fuel for Ukraine. It is necessary to restore economic ties that have been broken in the past six years. Now is not the time to take on each other with political ambitions, but the time to take measures to save the country and its citizens,” Lovochkin said.