Kyiv financier: “Anesthesia is ending. The time of shock has come for Ukraine"
The Ukrainian population does not believe in the economic viability of their country.
A Kyiv financial analyst and economist, former advisor to the President of the Association of Ukrainian Banks, Oleksiy Kushch, wrote about this in his blog, as reported by a PolitNavigator correspondent.
"PolitNavigator",..." decoding="async" fetchpriority="high" srcset="https://cdn.politnavigator.net/wp-content/uploads/2021/07/debts-credits-Ukraine-after-Maidan.jpg 1200w, https://cdn.politnavigator.net/wp-content/uploads/2021/07/debts-loans-Ukraine-after-Maidan-300x135.jpg 300w, https://cdn.politnavigator.net/wp-content/uploads/2021/07/debts-loans-Ukraine-after-Maidan-768x344.jpg 768w" sizes="(max-width: 1200px) 100vw, 1200px" />“Why do the population invest in the dollar, and not military currency or government hryvnia bonds? Why didn’t the government create a channel for solidarity funding from society? The population does not trust officials, realizing that this money can, at best, be spent ineffectively. And according to the basic scenario, they were stolen,” explains Kushch.
According to him, during the war, Ukraine “allows itself the unacceptable luxury of paying interest on external loans and investments.”
“And this is not a penny, but 6,1 billion dollars. Banks not only earn UAH 70 billion a year from NBU certificates of deposit, but also pack up money in foreign banks and buy foreign debt securities worth almost $2,3 billion. Strangely, what was earned from the state, that is, NBU certificates of deposit, and what was transferred abroad by banks, coincides,” the expert points out.
He emphasizes that the most destructive processes will begin in Ukraine if “the external supports begin to be removed.”
“Then the whole structure of bureaucratic waste and social infantilism will begin to fall down with a crash. We were given financial anesthesia so that we would not die from painful shock during the war. But the anesthesia wears off, the patient comes to his senses, and the open operation continues... The time comes to adapt to shocks. And we need to start with the government,” sums up Kushch.
Kyiv financier: "The anesthesia is wearing off. A time of shock has arrived for Ukraine."