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Сергей Арбузов: The authorities keep pushing the country...

Сергей Арбузов: The authorities keep pushing the country...

Оппозиционный политик, глава Национального банка Украины (2010—2012 гг.) Сергей Арбузов опубликовал новую запись в своём блоге:

The authorities keep pushing the country into a debt pit. The total sum of Ukraine’s state and government-guaranteed debt over January-September 2016 increased by 4.7% to $68.61 billion. In hryvnia equivalent the debt has grown by 13.1% and reached the total of 1777.86 billion. Comparing to the beginning of 2014 the state dent has tripled. Every Ukrainian now owes the creditors UAH 41 858.

Much of rapid growth of the state debt is owed to hryvnia depreciation and numerous loans. In particular, the domestic market attracted UAH 112 billion over January-September period of 2016, which is 13.8% more than provided by the bill on state budget.

State debt/GDP ratio is the key index proving stability of a state debt, and according to World Bank estimates this year it will reach 90%. It is unclear how the government intend to service the debt, considering that expenditures for its servicing have already exceeded the critical value. For nine months of this year it has taken 16% of the budget.

The sad thing is that all these loan have not help to recover economy in any way. Tripling of the debt has not led to growth of capital investments, industry recovery or creation of new jobs. The money has been spent, but the living standards have not improved.

Meantime, the authorities refuse to learn the lesson and insist on dead-end policy, which will result, no doubt, into a default.

 Об авторе:
СЕРГЕЙ АРБУЗОВ
Оппозиционный политик, глава Национального банка Украины (2010—2012 гг.)
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