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Ukrainian government prepares extreme austerity measures

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By David Levine

23 December 2014

Earlier this month, Ukrainian Prime Minister Arseniy Yatsenyuk presented his government’s new economic program for 2015-2020 to the Verkhovna Rada, the country’s parliament. Lawmakers adopted the program the very same day.

The program proposes to implement extreme austerity policies dictated by the International Monetary Fund (IMF) and other international creditors. In his remarks before parliament, Yatsenyuk insisted, “Nobody will give us aid just for nothing. In order to get it, we need to carry out the very same harsh reforms that we talked about in the elections.”

According to the Prime Minister, in 2014 Ukraine “received a total of $9 billion in financial aid from the IMF, World Bank, and other financial institutions,” but overall spent $14 billion servicing its debts. “We will need $15 billion more next year,” he noted.

In the recently unveiled program, “de-bureaucratization, decentralization, deregulation, and accountability” are declared as…

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This entry was posted on December 23, 2014 by .
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