End to IMF loans won’t hurt Ukrainians: It only went to Oligarchs


September 3rd, 2015 – 

PolitNavigator – translated by Soviet Bear for Fort Russ – 

will not lose from the cessation of funding from international agencies,
because these funds did not go into the real economy before, says expert public
safety foundation Yuri Havrylechko.

“Not a single “Euro cent” or
“dollar cent” went into the economy of Ukraine. Nothing was built, no new jobs created except among the officials who have spent the money.
Therefore, if this money is not forthcoming, Ukraine will not suffer in any

“If you look at the structure of investments in
the Ukrainian economy, most of the money is made up of investments from Cyprus.
This is Ukrainian money and they have no relation to international investment.
New investors have not come. And a large part of foreign investment in Ukraine
was invested in the financial and banking sector, because with a stable hryvna
exchange rate it was easy to borrow money from the West at 2-3% rate to issue
loans here at 25-30% and to remove the same exchange in currency. These “good
times” have ended and it has become uninteresting. So we began to work with
other tools, particularly refinancing.”

“Therefore we have the following: no write-off
of the debt, restructuring will not bring benefits for the budget, and in the
next five years Ukraine will receive debt much more than 25 years instead paying
off the old debts

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