Minister of Finance of Ukraine met with Ambassador of the State of Israel to Ukraine

Today, on October 26, the Minister of Finance of Ukraine Sergii Marchenko met with the newly appointed Ambassador of the State of Israel to Ukraine Michael Brodsky.

The parties discussed the current economic situation, the pension system in Ukraine, and bilateral cooperation between Ukraine and Israel, particularly in information technology, investment, and exchange of experiences between the Ministries of Finance of the countries.

Sergii Marchenko congratulated Michael Brodsky on his appointment and stressed the importance of cooperation between Ukraine and Israel. Also, the Minister of Finance spoke about the economic situation in the country, ensuring financial stability in the conditions of the pandemic, effective fiscal policy, and reaching a staff-level agreement to complete the first review of the IMF Stand-by Arrangement.

At the same time, the sides discussed the pension system of Ukraine and possible options for its reform.

"Today, about 11 million pensioners live in Ukraine and 9.7 million people who pay the single social contribution. These taxpayer funds are not enough to provide all pensions, that is why we have a deficit in the pension fund. We should create all the conditions for a voluntary funded pension to improve the pension system," said the Minister of Finance.

In addition, Sergii Marchenko and Michael Brodsky discussed possible cooperation and exchange of experiences between the Ministries of Finance of Ukraine and Israel in the fields of fiscal policy and operation of start-up funds.