Before the war, the mining and metallurgical complex provided more than $20 billion in foreign exchange earnings, which made it possible to maintain a stable exchange rate of the Hryvnia.
Resumption of metal exports by sea will allow Ukraine to increase budget revenues and foreign exchange inflows, which will reduce pressure on the Hryvnia exchange rate. According to the head of the Ukrainian Union of Industrialists and Entrepreneurs Anatoly Kinakh, this will give Ukraine about $600 million a month.
“The government and diplomats need to join forces and expand the maritime transport corridors that are currently operating for the supply of agricultural raw materials, for the export of MMC products. According to our calculations, this will give the country an opportunity to receive additional at least $600 million monthly. This is a huge amount, and it can significantly improve both the implementation of the budget and the stability of the hryvnia exchange rate. We really need this money to support the budget and fight the map – mock Russian aggression,” Kinakh explained.
He recalled that before the war, the MMC provided $20-23 billion in foreign exchange earnings.
Kinakh noted that because of the war, the revenue plan for the Ukrainian budget is fulfilled by a maximum of 50%.
“Considering all our needs, we lack at least $5 billion a month. Now this problem is getting worse, because international aid does not provide the necessary financial scale. So, we forced to receive the necessary funds either through issuance or through domestic loans and partial grant aid. That is why Ukraine urgently needs, first of all, to increase the specific part of the economy that generates large-scale foreign income exchange. And therefore, to unblock the ports for the export of MMC products,” added the head of the USPP.
Earlier, the Ministry of Economy reported that Ukraine called for a “grain agreement” to be extended to include Ukrainian metals.
Russia has said it is agreeing to expand a “grain corridor” for the export of metals from Ukraine in exchange for the lifting of Western sanctions against its metallurgy.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.