Svyrydenko calls on OECD to improve risk class for Ukraine
First Deputy Prime Minister and Minister of Economy of Ukraine Yulia Svyrydenko called on Secretary General of the Organisation for Economic Co-operation and Development (OECD) Matthias Cormann to reclassify the risk group for Ukraine from the seventh to the sixth class.
"Currently, Ukraine belongs to the seventh risk class. We wanted to draw your (OECD) attention and once again emphasize the need to reclassify the risk group for Ukraine to the sixth class," she said at the OECD presentation of Ukraine's reviews on Tuesday in Kyiv and added that this would make, first of all, risk insurance for Ukraine more accessible.
In addition, Svyrydenko requested that OECD experts be involved in developing Ukraine's industrial strategy and conducting an expertise on the employment strategy, which the Ministry of Economy is working on and which is a beacon for the Ukraine Facility.
"I am convinced that your expertise in infrastructure policy can be a game-changer for the Ukrainian market," the minister said.
According to information on the OECD website, according to the system of OECD member countries, country risk includes transfer and convertibility risk (i.e. the risk that the government will introduce capital or exchange rate controls that prevent a business entity from converting local currency into foreign currency and/or transferring funds to creditors located outside the country) and cases of force majeure (for example, war, expropriation, revolution, civil unrest, floods, earthquakes).
There are seven risk classes in total, with the seventh being the riskiest.
As reported, on Tuesday, May 6, Cormann arrived in Ukraine to present the Integrity and Anti-Corruption Review of Ukraine.