Ukraine will not be able to overcome the effects of the global financial crisis caused a global pandemic coronavirus infection.
It is reported portal “Facts” with a link to an interview with former Finance Minister and former NSDC Secretary Oleksandr Danilyuk.
Ukrainian officials expressed a strong belief about what the state will not be able to independently get out of the financial crisis affecting most countries of the world. Former Chairman of the Ministry of Finance considers that the national Treasury is empty, and the state budget funds will have to use with maximum efficiency.
“I declare absolutely openly and reasonably: money in the Treasury not. And reducing the cost of health care and social articles now simply impossible. And every hryvnia in the budget, including international assistance, it is necessary to use as efficiently as possible,” explained Alexander danyluk.
Former Secretary of the national security Council called a way of overcoming the Ukraine the effects of the global economic crisis. According to danyluk, you need to seek support from the International Monetary Fund, the world Bank and other organizations are ready to support Ukraine. These organizations were created precisely for such cases, and only with their help, the country can be saved from default and other unpleasant consequences of the crisis.
The IMF and world Bank have already addressed the representatives of more than a hundred countries, and among them there are countries until recently considered relatively stable. In that case, if Ukraine will receive financial tranche from the international organizations, funds received, according to danyluk, should be directed to support consumer demand.
“Even if you remove all the quarantine restrictions, demand will be constrained by the low purchasing power of Ukrainians. Accordingly, it will slow the economy. That is why at present the Western countries are making investments to support the demand. For example, those who have lost their jobs, the state pays up to 80% of salary during quarantine. There perfectly understand if the economy will enter the peak, bring it will be very difficult and expensive,” – summed up Oleksandr danylyuk.