Ukraine Begs for More Money
The IMF foolishly agreed to give Ukraine a four-year $40 billion bailout on March 12. Already, Ukraine’s Finance Minister Begs for More Money.
Natalie Jaresko told the Financial Times in an interview that a four-year, $40bn, IMF-led bailout finalised this month – including restructuring $15bn of debt – was enough to stabilise the financial and banking system. But that was a ‘first step’.
Ukraine needed billions more to restart growth, rebuild shattered infrastructure, and deal with the effects of the eastern conflict that has killed at least 6,000 people, wounded 15,000 and displaced more than a million.
‘I believe strongly that the G7, and frankly speaking the broader G20, has a responsibility now to support Ukraine in a much bigger way financially,’ Ms Jaresko said.
Interesting Debate
‘I end up hearing this burden-sharing argument between different parties. The Americans say the Europeans should do more, the Europeans say the Americans should do more. That’s an interesting debate, but no one’s paying a greater cost than the Ukrainian people,’ said Jaresko.
Yes, it is an interesting debate. But missing form the debate is a Ukraine civil war that is still ongoing. Money to rebuild shattered infrastructure will do no such thing. Instead it will go for more war-mongering.
Money will also go straight into the pockets of the corrupt officials running the country and the corrupt oligarchs battling to take over the country.
This post was published at Global Economic Analysis on March 23, 2015.
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