Ukraine expects $10 billion of income from labor migrants this year

Source : 112 Ukraine

The head of the National Bank noted that “of course, due to quarantine, these revenues decreased”
17:49, 16 May 2020
In 2019, remittances from labor migrants gave Ukraine $ 12 billion, this year an amount of $ 10 billion is expected from them. This was stated in an interview with BBC Ukraine by the chairman of the National Bank Yakiv Smoliy.

“Of course, due to quarantine, these receipts decreased ... This year we expect that there will be $ 10 billion. But this sum will be compensated by the fact that people will not be able to go on holiday abroad,” he said.

Smoliy added that, according to statistics, Ukrainians spent about 8-10 billion dollars a year being on vacation abroad.

"Due to the fact that there are restrictions on movement, people will not be able to go and spend those funds. This is bad, of course, but it will be compensation in excess," he said.
Related: 50% of Ukraine's customs officials fired at meeting of State Customs Service collegium

We recall, the head of the National Bank also said that the first tranche from the IMF could come to Ukraine in May or in the first week of June.

According to him, the Verkhovna Rada has now registered several resolutions that block the signing of the law on banks, "there are several days, after which the deputies must decide and vote, as it seems to me, to cancel these decisions."

Smoliy noted that the possible cancellation of the decisions will allow the speaker to sign the law and send it to the president for signature. And this could happen next week.

"Accordingly, after the law is signed by the president, a meeting of the IMF Board of Directors will be announced. The mission that worked in Ukraine has all the documents ready, they will pass them on to the board meeting. The Board will make a decision.

After the decision is made, it can take one to two days to transfer the first tranche. That is, if we expand all the time frames, then in May we can get the first tranche. Or the first week of June. I always take a little reserve so that my assumptions are justified," the head of the National Bank emphasized.

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