Ukrainian Finance Minister: One-third of the economy

Photo source: Ministry of Public Finance of Ukraine.

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About 30 percent of companies that were operational in Ukraine before Russia’s invasion completely or temporarily ceased operations, Kyiv Finance Minister Serhiy Marchenko said, citing preliminary data based on the payment of taxes.

“Our preliminary tax calculations indicate that about 30% of the economy is either not working at all or is temporarily shut down. These are calculations based on the payment of personal income tax and the single tax “, he said on Saturday, in a televised intervention quoted by the Interfax news agency.

Domestic and foreign loans are the main channel to cover the needs of the state budget, given that tax and customs revenues have fallen sharply, Marchenko said. At the same time, he assured that Ukraine has no problems with public debt service.

“There was no risk of default. First of all, the burden of our debts is not so great, especially this year. Secondly, we are careful to pay off all debts. There is no question of non-payment. However, as far as our aggressors are concerned, this situation will come soon “, Marchenko added.