The state's debt to banks for interest compensation under the preferential lending program for business Available loans of 5-7-9% will reach UAH 5 billion by the end of the year. This was reported by the head of the Verkhovna Rada Committee on Finance, Tax and Customs Policy, Danilo Getmantsev.
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He recalled that in 2023, the preferential business lending program underwent a series of transformations: all loans are divided into investment and working loans (with increased rates), the list of priority industries and areas has changed.
“However, this list remains quite broad, and the focus of the program, which was previously focused on small and medium-sized business has blurred. This led to an increase in expenses for the program, an increase in debt on payments to banks from the state budget, which will reach UAH 5 billion by the end of 2023,” Getmantsev noted.
He noted that the soft loan program “5-7 -9%” continues to play a key role in the revival of lending, but in the context of limited budgetary resources in 2024, it must be modified.
“First of all, with the aim of more targeted support for the BCH and enterprises vulnerable to security risks. The government must prepare a concept for transforming the program by the end of the first quarter of 2024 within the framework of an updated memorandum with the IMF,” Getmantsev added.
The state budget for 2024 provides for 18 billion UAH for compensation of interest on preferential loans under the “5-7-9” program.