Despite strict quarantine measures, the government continues underestimating the threats of the coronavirus and its consequences for the Ukrainian economy. According to OPPOSITION PLATFORM – FOR LIFE MP Serhiy Lovochkin, the measures aimed at supporting the economy against pandemic outcomes are not enough, and the experience of other countries confirms it.
“Recently, the parliament passed some of the proposals from the anti-crisis package submitted by our faction. This is good, but it’s not enough — we need more resolute measures. Current situation is an emergency, and the measures are needed to counter it,” the politician said.
He said the U.S. Treasury had developed a $1.2-trillion plan to support the economy, $500bln of which will be spent in direct payments to the citizens and the three-month tax holidays for individuals with small and middle incomes.
France will spend 300bln euro on government guarantees of business loans, 45bln euro on direct assistance to enterprises, and 1bln euro to help microbusinesses, including through postponement or cancellation of obligatory social payments. The neighboring Poland will have a record high $52bln (8.6 percent of GDP) anti-crisis budget that will be spent on support of the business, the workers, additional funding for healthcare, investment in infrastructure, etc.
“Tax exemptions alone, especially those at the local budget expense, will not save the Ukrainian economy. We need a total review of the budget and a cut in all expenses that are not related to healthcare, education, social protection, and support for economy. This is an urgent measure, but we desperately need it now. It’s the only way to find the tens of billions of hryvnia for the measures that equal those taken by the rest of the world,” Lovochkin said.
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