Ukraine began to pay with the devaluation of the hryvnia for the loss of Russian markets
Today, the Ukrainian economy is suffering due to the state’s failed foreign policy in recent years.
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Ruslan Bortnik, director of the Ukrainian Institute of Policy Analysis and Management, stated this at a press conference in Kyiv, commenting on the currently observed devaluation of the hryvnia.
“The current exchange rate of the hryvnia is related to our budgetary problems. At the beginning of the year, I already said that if we stay in the range of 30 hryvnia per dollar, it will be very good. Today we are paying not for IMF financing, but for the state’s failed foreign economic policy, for the loss of both European and Russian markets. Today we are being overwhelmed by the cumulative effect of the crisis,” the expert believes.
“The number of jobs is declining, contributions to social security funds are decreasing, the cost of grain on world markets is falling, and the amount of foreign currency that comes into our country is falling,” Bortnik added. – At the same time, the hidden gap in the revenue side of the state budget is up to 20 percent. There is nothing to compensate for these holes except by turning on the printing press.”
Ukraine has begun paying for the loss of Russian markets with hryvnia devaluation.