Ukraine's Cabinet supports launch of lending program for small, medium-sized businesses

Source : 112 Ukraine

The state will guarantee up to 80% of the body of a loan that an entrepreneur will take from a bank
18:58, 25 November 2020

Press-service of the Cabinet of Ministers

The Cabinet of Ministers of Ukraine has approved the launch of a program to support small and medium-sized businesses. This was stated by Prime Minister of Ukraine Denys Shmygal.

"The government has supported the launch of another support program - portfolio guarantees on loans to small and medium-sized businesses that will be provided by the state. We are talking about an additional five billion hryvnias (176 million dollars), which will be used to reduce the cost of loans for even more companies," the statement said.

The term of such guarantees can be from one to 10 years.

As we reported earlier, the International Monetary Fund (IMF) has conducted an assessment of Ukraine's tax policy.

Related: Ukraine's govt to reduce pensions to 65 USD?

The Fund emphasizes that Ukraine has made serious efforts to modernize the international aspects of the income tax, upgrading the regime to OECD standards. At the same time, the IMF warned against abolishing the Corporate Profit Tax and replacing it with the Exit Capital Tax.

"Tax policy in Ukraine is engaged in two fronts at once. On one front, very significant work has been done over the years on the gradual improvement and updating of the tax system; on the other, it questions essential tenets of the existing system, exploring fundamental changes to it," reads the report. 

Related: Ukrainian govt expects to receive first batches of Covid-19 vaccine in second quarter of 2021


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