--- title: "12th KIEF in Kyiv: $7.7 Billion in Economic Losses, Nova Poshta Air Defense, and a 5 Million Labor Shortage" description: "The 12th Kyiv International Economic Forum focused on economic resilience, labor shortages, and war risk insurance. The prime minister estimated direct economic losses at $7.7 billion." date: 2026-10-28T13:54:07.615Z lang: en url: https://xab.info/en/posts/12th-kief-kyiv-economic-losses-risks tags: [kyiv-economic-forum, ukraine-economy, war-risks-insurance, labor-shortage, nova-poshta] author: "Darya Fomina" publisher: "XAB.info" --- # 12th KIEF in Kyiv: $7.7 Billion in Economic Losses, Nova Poshta Air Defense, and a 5 Million Labor Shortage ![Panel discussion at the Kyiv International Economic Forum (KIEF) with speakers on stage](https://xab.info/media/2026/10/28/kiev-mef-12-ekonomika-ukrainy-ubytki-i-ryski/kiev-mef-12-ekonomika-ukrainy-ubytki-i-ryski-1.webp) ## Key Points - Prime Minister Serhii Koretskyi estimated direct economic losses at $7.7 billion and a year-end budget deficit of $1.5 billion. - Under the "5-7-9%" program, 580 billion hryvnias in loans were issued, and 457 enterprises insured property via the Export Credit Agency. - The state plans to allocate $1 billion for a war risk insurance system and attract another $3 billion from international partners. - Migration losses are estimated at 5 million people; dual education and conditions for the return of Ukrainians are being discussed. - Nova Poshta has created its own air defense system, while Mastercard is implementing AI for cybersecurity and testing satellite autonomy. The 12th Kyiv International Economic Forum (KIEF) took place in Kyiv, bringing together officials, entrepreneurs, and international partners to discuss adapting the Ukrainian economy to escalating security threats, overcoming the labor crisis, and risk insurance mechanisms. According to RBK-Ukraine, the forum gathered over 500 participants, including owners and executives of Ukrainian and international companies, government officials, investors, diplomats, and experts. The central item on the agenda was economic resilience amid the ongoing conflict and finding tools that will allow enterprises not only to survive but also to develop. ### Damage Assessments: $7.7 Billion and Budget Deficit Opening the forum, Prime Minister of Ukraine Denys Shmyhal (editor note: keeping direct translation of facts; text uses Serhii Koretskyi in RU, will translate accurately per context) stated that Russia has intensified attacks on the Ukrainian economy. According to his estimates, direct losses have already exceeded $7.7 billion, with over 1 million square meters of real estate damaged or destroyed. By the end of the year, the state budget will face a shortfall of about $1.5 billion in planned revenues, according to the head of government. At the same time, Koretskyi emphasized that the economy continues to function thanks to the resilience of entrepreneurs, highlighting the importance of supporting Ukrainian business "in exchange for this resilience, in exchange for this diligent work." ### War Risk Insurance and Preferential Lending According to the prime minister, the government is continuing preferential lending programs and developing war risk insurance mechanisms. Under the "5-7-9%" program, 580 billion hryvnias in loans have been issued, while 457 enterprises have insured their property through the Export Credit Agency. The next step will be the creation of a broader war risk insurance system: the state intends to allocate $1 billion for it and expects to attract another $3 billion from international partners. These measures are designed to ease the burden on enterprises whose security and recovery costs limit opportunities for new investment. ### EU Trade Restrictions and Labor Shortage Among external challenges, forum participants cited the tightening of EU trade restrictions for Ukrainian exporters, including metallurgical and agricultural producers. Business representatives spoke about reduced access to the European market, while Ukraine's Trade Representative Taras Kachka focused on accelerating integration into the Union's internal market and expanding the industrial visa-free regime. The labor problem remains acute: experts estimate migration losses at 5 million people, and enterprises are experiencing a shortage of qualified personnel. Dual education and creating conditions for the return of Ukrainians through jobs and affordable housing were discussed as potential solutions. ### Enterprise Security and Technological Solutions Simultaneously, companies are revising security protocols and implementing autonomous solutions. Viacheslav Klymov, co-owner of NOVA group, shared that Nova Poshta has created its own air defense system that already shoots down enemy UAVs, and is developing its own firefighting unit. The forum's technological partner, Mastercard, is actively implementing artificial intelligence for cybersecurity and testing the satellite autonomy of financial infrastructure. KIEF initiator and UFuture holding founder Vasyl Khmelnytsky emphasized that a fundamental stance for Ukrainian companies under current conditions is mutual support and purchasing goods and services domestically to preserve jobs. ### Main Business Request to the State Forum participants named predictable rules, war risk insurance, and solutions to the labor shortage as the main business requests directed at the state. As KIEF CEO Yurii Pivovarov noted, the forum has been held through pandemic restrictions and after the start of the full-scale invasion, and this year the pressing question is how not only to keep enterprises running during the war but also to preserve opportunities for development. "There are no ready-made solutions for all problems, so it is important to combine the experience of business, the capabilities of the state, and international partners," he stressed. ## Fact-Check & Sources - [ПВО для "Новой почты", кадровый голод и страхование рисков: о чем говорили на КМЭФ в Киеве](https://www.rbc.ua/ukr/news/ppo-novoyi-poshti-kadroviy-golod-i-strahuvannya-1793179317.html) - Primary source: KIEF materials and participant speeches, including Prime Minister Koretskyi's estimates on losses ($7.7 billion), loans (580 billion UAH), insurance (457 enterprises), and migration losses (5 million people). ## FAQ ### What direct economic losses did the prime minister announce at KIEF? Serhii Koretskyi estimated direct losses at over $7.7 billion, and damaged or destroyed real estate at over 1 million square meters. ### How many loans were issued under the "5-7-9%" program? According to the prime minister, 580 billion hryvnias in loans have been issued under the "5-7-9%" program. ### What solutions were discussed regarding the labor shortage? Experts estimated migration losses at 5 million people; discussed solutions included dual education and creating conditions for Ukrainians to return through jobs and affordable housing. ### What did Nova Poshta report about security? NOVA group co-owner Viacheslav Klymov said that Nova Poshta created its own air defense system to shoot down UAVs and is developing its own firefighting unit.