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Ukraine's New Government Unveils Ambitious Five-Year Development Plan

Ukrainian Prime Minister Oleksiy Honcharuk (file photo)
Ukrainian Prime Minister Oleksiy Honcharuk (file photo)

Prime Minister Oleksiy Honcharuk has released a bold five-year action plan for Ukraine on the government's website that sets development of human capital and the economy, defense, quality of life, and European integration as priorities.

Billing his cabinet as the "technocratic government," Honcharuk on September 30 promised to "continuously invest in science, education, and culture" while seeking to create conditions for the delivery of "quality and accessible services to people."

In five years, the prime minister wants the economy to grow by 40 percent. To achieve this goal, Honcharuk told journalists at a briefing in Kyiv that gross domestic product (GDP) should rise by 5 percent next year, and increase by at least 7 percent in 2021-24.

To ensure the higher growth rates, Ukraine needs to draw $50 billion in investment over the next five years, Honcharuk said.

In dollar terms, the size of Ukraine's economy -- driven by steel and agricultural exports, as well as information-technology services -- in 2018 was $131 billion and this year it should approach $150 billion, according to Kyiv-based investment bank Dragon Capital.

The World Bank and International Monetary Fund currently project economic growth this year to not surpass 3 percent.

In tandem with Honcharuk's other goals is achieving a minimum monthly salary of nearly $174 at the current exchange rate. Ukraine's currency is no longer pegged to the U.S. dollar and free-floats.

"In addition, the #Technocratic government aims to ensure that each family's utility bills do not exceed 15 percent of their income," Honcharuk said.

Ambulances and police cars in five years' time should arrive on calls within 10 minutes in cities and 20 minutes elsewhere.

All government services are to be transferred online and there'll be 24,000 kilometers of roadwork completed.

Demographic trends will be reversed as the population will start to rise due to the birthrate exceeding the death rate and as more Ukrainians repatriate than emigrate.

And environmental pollution will be reduced by 20 percent.

With reporting by Ukraine Business News
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