Ukraine has reserve funds to make social payments on time – minister

Ukraine has a reserve of funds that will allow it to make timely social payments to the population regardless of the decision on financial assistance from the EU and other international partners.

Source: Oksana Zholnovych, Minister of Social Policy, on air during the 24/7 national joint newscast, cited by Ukrinform

Quote: "When we talk about paying pensions, we focus on our internal national reserves and the payment of a single social tax, which now covers the cost of old-age pensions."  

Detail: Zholnovych said the state reserve funds "depend only on our Ukrainian citizens, payers of a single social tax, and, in particular, on our military, who transfer the tax from their salaries and thus fill the Pension Fund."

At the same time, Zholnovych noted that other social expenditures directly depend on international aid.

She reiterated that at the end of November 2023, an agreement with the World Bank, with the support of the Japanese government, was approved for US$1.2 billion. "In fact, these funds are clearly used to help the most vulnerable categories of the population," she added. 

These funds have been used to pay assistance to citizens in December and January, and are expected to cover the payments in February and March.

Quote: "Therefore, we have a reserve of funds that will allow us to fulfil all our obligations on time, regardless of any circumstances and the approval of financial assistance from other countries."  

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