The situation in Ukraine’s economy is extremely difficult due to lockdown measures aimed at combating the spread of coronavirus disease (COVID-19), Prime Minister Denys Shmyhal has said. He said that lockdown measures had the greatest impact on micro, small and medium-sized businesses. “We do not underestimate the situation regarding how many people lost their jobs…
The Armenian Central Bank on April 28 cut its key refinancing rate by 0.25%, to 5%. In March, the country’s consumer price index rose by 0.5% MoM, but was down by 0.1% YoY, the bank said. The central bank will hold its next meeting on rates on October 29. The central bank also said that…
Georgia intends to begin indexing pensions to inflation and economic growth, says Georgian Finance Minister Ivane Matchavariani. “An increase in pensions for people less than 70 years old will be adjusted based on the inflation rate, while an increase of pensions for people above 70 will be adjusted based on 80% of economic growth as…
Economic activity in Armenia shrank by 4.9% YoY in March, data from the National Statistical Service revealed. Economic activity in the country has contracted as a result of a lockdown imposed in mid-March in a bid to curb the Covid-19 outbreak. In the reporting period, construction and trade declined by 26.2% and by 9.9%, respectively,…
Ukraine’s national budget in January-March grew by 25% YoY, from UAH 26.2 billion ($966.8 million) to UAH 32.732 billion ($1.21 billion). The country’s consolidated budget consisting of the national and regional budgets saw a UAH 17.324 billion ($639.3 million) deficit in the first three months of 2020, which was 93% higher than the deficit for…
President Kassym-Jomart Tokayev has assigned to work out an economic growth rehabilitation package by May 11. “The government and National Bank will have elaborated the economic growth rehabilitation package by May 11 to support the worst-hit industries. The country embarks on a brand new stage of its development. We will live in a new reality…
The COVID-19 pandemic and the slump in commodity prices will affect the inflow of remittances to Georgia, as some of the key remittance-sending countries such as Italy, Russia and the United States, have been strongly impacted, says the World Bank. “Remittances are an important source of income for households in Georgia and the COVID-19 shock…