The $17.5 billion loan approved by the IMF won’t save Ukraine from hopeless poverty; instead, it will inflict a blow on the country’s population already living on the breadline, said the ex-head of the National Bank of Ukraine Sergei Arbuzov.
None of the options proposed by the IMF would improve the economy, said Arbuzov to Izvestia, adding that the biggest mistake made by the government was working with the IMF instead of working with the economy.
“Ukraine had all the reasons to talk with the IMF and international creditors not about the loan, but about debt relief and the restructuring of the remaining debt in long-term securities with low profitability,” he said. “I do not see the reasons for the allies to refuse to make concession to the war-torn country that has experienced the Maidan. Instead, we’ve come up with an involuntary servitude variant, even without trying to negotiate.”