Honcharuk: Ukraine aiming for 40 per cent GDP growth over next five years

Ukraine’s prime minister, Oleksiy Honcharuk, has said that achieving 40 per cent GDP growth over the next five years is a “quite realistic and achievable goal”, but added that it can only be achieved if reforms are carried out, the Ukrainian press has reported.

Speaking at the Re:Think Invest in Ukraine Forum in Mariupol, Mr Honcharuk emphasised that the signing of a new, long-term cooperation programme with the International Monetary Fund (IMF) would be a clear signal for international players, proving that the country’s macroeconomic foundations for further growth are strong.

This growth, however, will not happen without eliminating corruption and making the court system fair, he added.

Mr Honcharuk confirmed that the IMF’s mission will be back in Kyiv in early November to continue negotiations on a new standby arrangement.

According to the National Bank of Ukraine, the government should seek a long-term programme totalling around 8-10 billion US dollars and receive the first tranche – roughly two billion US dollars – as early as the end of this year.

The Ukrainian PM also announced that he had signed a memorandum with European Bank for Reconstruction and Development (EBRD) vice president Alain Pilloux on a regional road financing programme providing loans for infrastructure development in the Kherson region. The first tranche amounts to 300 million euros.

“We are now on the verge of an economic breakthrough. We are all confident, we really believe in it and are doing everything for this,” Ukraine’s president Volodymyr Zelensky told the audience in Mariupol, noting that the country “is becoming a truly stable and predictable market with significant opportunities for business expansion.”