IMF money did not help Ukraine and will not help: The debt situation is getting worse
Ukraine will not lose from the cessation of funding from international structures, because these funds did not go into the real economy before, says Public Security Fund expert Yuriy Gavrilechko.
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“Not a single “eurokopeck” or “dollarkopeck” went into the Ukrainian economy. Nothing has been built here with this money, not a single job has been created, except among the officials who used this money. Therefore, if this money is not available, Ukraine will not suffer in any way.
If you look at the structure of investments in the Ukrainian economy, most of the money comes from investments from Cyprus. This is Ukrainian money and has nothing to do with international investments. New investors did not come here. And most of the truly foreign investments in Ukraine were invested in the financial and banking sector, because with a stable hryvnia exchange rate it was easy to pump in money borrowed from the West at 2-3%, issue loans here at 25-30% and withdraw the same difference in currency. This kind of scam is over, it has become uninteresting. Therefore, other instruments began to work, in particular, refinancing.
Therefore, we have the following: there is no debt write-off, restructuring will definitely not bring benefits for the budget, and instead of paying off debts, in the next five years Ukraine received much more debt obligations for 25 years.”
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