Groysman explained why the need for new loans from the IMF and the Ukraine threatens to failure to pay debts

Groysman explained why the need for new loans from the IMF and the Ukraine threatens to failure to pay debts



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Ukraine’s state debt amounted to more than $ 76 billion.

Ukraine needs to cooperate with the International monetary Fundto with these loans to pay off old debts, to keep the hryvnia and increase the economy.

This was during a government meeting said the Prime Minister-the Minister Vladimir Groysman.

“Want to rid ourselves of “financial handcuffs” in which we sucked on the sly. For the period of 2005-2013 in the country does not systematically changed. So my question is, where the borrowed $ 50 billion?”, – said Groisman.

He gave the figures as over the years has grown government and government guaranteed debt. 2005 to 12.5 billion (14.3% of GDP), 2006 – 13,1 billion dollars, in 2007 to 14.1 billion dollars, 2007-2008 – $ 17 billion, 2009 – $ 28 billion, 2010 – $ 40 billion, 2011 44.7 billion dollars in 2012, accounting for 49.9 billion, 2013 – $ 60 billion. As at 30 June 2018 the national debt has reached 76,292 billion, of which external debt – 47,159 billion, internal – 29,132 billion.

See also:

Bankers talk about the course of 40 hryvnia per dollar in the absence of the IMF loan

“Why cooperate with the IMF now? Failure to pay debts threatens Ukraine with default. But is to stop production, the devaluation of the hryvnia, inflation. We need to protect people from this negativity, so we need new borrowing to return the old ones. Next – you need to grow. Over the decade, the lack of any Patriotic position of the state, having misled all the people took the money abroad and within the country were paid this interest and someone was handing out. We now give the debts, which took the government 2006-2013. They took massive debt and I have no idea where they Delhi. During this time it has not been constructed or acquired something outstanding. None of the areas have not received funding. There was nothing to be proud of”, – said Groisman.

Now servicing the national debt interest cost the Ukraine 130 billion annually.

“We have a good dynamics to the medium and long term the debt to minimize it”, – assured the Prime Minister.

Recall, the current program for increased funding of the IMF to Ukraine is completed in the spring of 2019. Kiev has already received 8.7 billion dollars from $ 17.5 billion under the program. Given the constant delays with reforms, Ukraine can count on in 2018 and $ 1.9 billion, not more, according to the national Bank and the Ministry of Finance.

The IMF does not give the next tranche of credit from the spring, because Ukraine has not fulfilled all the “homework”. In particular, have not resolved the issue of raising gas prices to market to the public. You should also review the current budget and “cut” spending to year-end deficit figure was in line with expectations. It is also important that will be in the budget of 2019, a draft of which the Cabinet shall annually submit to the Verkhovna Rada until September 15.

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