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Economy 2019-01-15T05:42:18+02:00
Ukrainian news
Ukraine Pledges To Monetize Housing Subsidies To Population By April 2017 Under IMF Cooperation Memorandum

Ukraine Pledges To Monetize Housing Subsidies To Population By April 2017 Under IMF Cooperation Memorandum

Ukraine has pledged to the International Monetary Fund to monetize housing subsidies and benefits before the end of March 2017 to enable private gas traders to compete with the Naftogaz of Ukraine national energy company on gas supplies to the population.

This is stated in the text of the memorandum on cooperation between Ukraine and the International Monetary Fund, Ukrainian News Agency reports.

"We will also monetize the benefits of the HUS (household utility subsidies) program by end-March 2017 so that private gas traders can compete with Naftogaz to supply gas to households and utilities and create incentives for energy conservation," the document states.

In addition, the Cabinet of Ministers pledged to ensure that tariffs on gas transportation and distribution are separated from the gas cost as commodity.

As Ukrainian News Agency earlier reported, Ukraine has pledged to introduce an interim mechanism to adjust retail gas and heating tariffs on a quarterly basis if tariffs deviate from full cost-recovery levels by 10 percent or more (a new structural benchmark). The first price adjustment, if needed, will be effective from January 1, 2017.

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