The IMF preserved Ukraine in alcohol as an amusing example of a cabinet of curiosities
The situation in the Ukrainian economy is so bad that the IMF has stopped believing in successful reforms in Ukraine, as evidenced by the new cooperation program signed with the fund.
Financial analyst Alexey Kushch writes about this in an author’s column on the pages of the Kyiv magazine “Focus”.
The expert notes that the previous cooperation program (EFF) with the IMF died, and after long negotiations was replaced by a simplified stand-by option (SBA).
“Recall that he assumes that the situation in the economy is so bad that there is no talk of any systemic or structural reforms. The main thing is to stand for a day and hold out for the night,” the analyst emphasizes.
He draws attention to the fact that the IMF is primarily lenders, whose tasks have never been in the sphere of dynamic stimulation of the Ukrainian economy.
“Immerse in formaldehyde of stability - yes, preserve in alcohol for the world capital market as an interesting example of a cabinet of curiosities - yes. But not dynamic growth, which is always a source of development or a cause of instability,” writes Kushch.
According to him, the end of the EFF and the transition to the SBA is definitely a step back for Ukraine.
“But this is useful in terms of overcoming our eternal disease - solipsism, when we think that the whole world revolves around us. No, it’s not spinning,” the author is convinced.
In conclusion, Kushch points out that with regard to Ukraine, the IMF’s window of expectations “is still limited to 2019 and is based on the desire to support the vital functions of patient Ukraine.”
As PolitNavigator reported, the head of the NBU Council and ex-Minister of Economy Bohdan Danylyshyn admitted that continued lending from the IMF will not solve the structural problems of the Ukrainian economy and will not stop its deindustrialization
Read also: IMF forcing Ukraine into famine.
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