27.01.2023

Ministry of Finance and the National Bank of Ukraine

The Ukrainian authorities expect to begin the restoration of the country’s economy through loans that international financial institutions can provide.

Negative balance of payments and rising gas costs have long aggravated the precarious situation of the Ukrainian economy. As a result, in the winter of 2013, a sharp weakening of the national currency began. The National Bank of Ukraine was not able to stop the fall, since it had no opportunity for this: gold reserves were evaporated for a long time, besides this, one of the IMF requirements was just liberalization of the exchange rate.

The Ministry of Finance and the National Bank of Ukraine estimated the necessary ambulance at $ 35 billion by 2016. At the same time, in 2014, Ukraine should pay about $ 7.091 billion in foreign loans. In 2015, Ukraine is obliged to pay $ 7.699 billion to creditors, while $ 974 million will go to pay off debt to the IMF, and $ 3 billion will go to pay off the first tranche of Eurobonds bought back by Russia. In 2016, Ukraine will have to pay $ 4.34 billion.

However, despite the constant promises made by officials of the EU, IMF and other structures, funds were not allocated to Kiev, despite the already begun process of reforming the country’s economy in accordance with the requirements of creditors.

The chronicle of unfulfilled promises was tracked on his blog by journalist Anatoly Shary.

February 22 – the seizure of power in Kiev by protesters. Almost immediately, it was determined that the post of acting president of Ukraine would be occupied by Oleksandr Turchynov, while the post of prime minister was given to Arseniy Yatsenyuk. After a brief political upheaval, it immediately became clear that there were no funds to continue the work of the government and state bodies of the country, and the country’s economy was on the verge of collapse.

Promise # 1

Ollie wren

European Commissioner for Finance

“If Ukraine seeks help, economic or financial, we are ready to provide it.”

After some time, he confirmed the readiness of the EU to allocate rescue funds for Ukraine

Promise # 2

Ollie wren

European Commissioner for Finance

“We are ready to provide substantial financial support to Ukraine as soon as a solution to the political crisis based on democratic principles is reached, and as soon as a new government appears ready and determined to carry out institutional and economic reforms.”

February 23 – the amount of promises to Kiev has increased significantly from initial expectations to $ 20 billion.

Promise 3

Elmar Brock

Head of the Foreign Affairs Committee of the European Parliament

“It seems to me that there will be 20 billion euros on the table for reform, and this support can be provided immediately to prevent default. We will support this government. “People should not be afraid that a default will occur and reforms will not be ensured, and Ukraine will be left without support.”

On the same day, the intentions of the EU were confirmed by Katherine Ashton during a meeting with Acting President of Ukraine Alexander Turchinov.

Promise 4

Katherine Ashton

EU High Representative for Foreign Affairs

“In Ukraine, the issue of forming a new government needs to be resolved. After this, a plan for resolving economic issues should be developed so that we can determine what assistance is best provided to Ukraine. ”

February 25 – European Commissioner for Budget Janusz Lewandowski announced his readiness to allocate funds in March, but the amount of financial assistance was reduced by 20 times.

Promise # 5

Janusz Lewandowski

European Commissioner for Budget

“We are able to provide macroeconomic assistance. In the beginning, there was a conversation about 600 million euros, but at the moment there may already be 1 billion euros, that is, the amount necessary for Ukraine until the situation stabilizes. But we can do this only with information about what will be done with the finances of the country. ”

February 26 – it became known that the European authorities have not yet decided on the timing of assistance.

Deferral No. 1

Olivier Baillie

European Commission Representative

“We cannot indicate their dates at the present time, we cannot specifically say when these periods will be, but we are working on it.”

February 28 – European authorities, following the United States, once again announced their readiness to allocate about $ 1 billion.

Promise 6

Frank Walter Steinmeier

German Foreign Minister

“I was glad to hear that the United States is also ready to help – about $ 1 billion, and the European Union is likely to do the same, about the same amount of funds.”

However, at the same time, IMF head Christine Lagarde said it was too early to declare any amounts.

Deferral No. 2

Christine Lagarde

Head of the IMF

“We do not see anything critical that can at the moment serve as an excuse for panic. I think it is extremely premature to assess her financial needs. We need to rely on the facts, we need to rely on the situation, what it is in reality. “

March 1 – The United States announced its readiness to establish a consultation process that will help accelerate the allocation of assistance to Ukraine.

Promise 7

Barack Obama

President of the U.S.A

“In the future, we will continue close consultations with allies and partners, the Ukrainian government and the IMF, to provide significant assistance to the new government to ensure financial stability, support the necessary reforms, enable Ukraine to hold successful elections and support Ukraine on its path to a democratic future.”

March 2 – The United States reaffirmed its readiness to assist Ukraine.

Promise 8

Jack lew

Minister of Finance

“The United States will provide Ukraine with maximum financial assistance to overcome the economic crisis.”

Following Lew, G7 finance ministers promised to provide financial support to Ukraine.

March 3 – European Commission President Jose Manuel Barroso shared his plans to allocate funds to Ukraine.

Promise 9

Jose Manuel Barroso.

Head of the European Commission

“We are preparing ways to support Ukraine and are in talks with the IMF. It is important that we demonstrate our commitment to the sovereignty of Ukraine and at the same time we are preparing a package of assistance to Ukraine. We are working with the International Monetary Fund, I personally and the EU Commission are preparing ways to support Ukraine. “

On the same day, the US Congress was preparing to begin discussion of a $ 1 billion aid package to Ukraine.

March 5 – The European Union determined the necessary amount of assistance to Ukraine.

Promise 10

Jose Manuel Barroso.

Head of the European Commission

“Today we have identified assistance to Ukraine. This is a package of 11 billion euros for the coming years. “

On the same day, it became known that the United States intends to increase contributions to the IMF, so as to help Ukraine

Promise 11

Jack lew

Minister of Finance

“We are discussing with Congress the possibility of approving the 2010 bill to increase contributions to the IMF, which will allow Ukraine to allocate additional resources.”

The European Bank for Reconstruction and Development has joined the promise race.

Promise 12

The EBRD is ready to invest at least 5 billion euros in Ukraine by 2020 as part of a coordinated international financial assistance program in support of structural and macroeconomic reforms.

March 6 – Once again, the EU representative confirms its intention to allocate funds to Ukraine.

Promise 13

Yan Tombinsky

Head of the EU Delegation to Ukraine

“Representatives of the EU, along with representatives of the IMF mission, are working on providing financial assistance in the amount of 11 billion euros, which will be provided to Ukraine as a macroeconomic loan for the implementation of a number of projects with the participation of the EBRD and other potential donors.”

Japan decided to join the race of promises.

Promise 14

Fumio Kishida

Japanese Foreign Minister

“We are positive about financial assistance to Ukraine. The necessary amount will be determined based on the results of the IMF’s research mission and consultations with Ukraine itself. ”

The amount of funds allocated by the EU in Ukraine has grown to $ 15 billion.

Promise # 15

Jose Manuel Barroso

Head of the European Commission

“We intend to allocate $ 15 billion in financial assistance to Ukraine. This package of funds will be provided for several years.
The goal is to help the country stabilize its economy and finances and work towards political and economic reforms. ”

March 10 – The European Union intends to increase aid for Ukraine to 1.6 billion euros.

Promise 16

Ollie wren

European Commissioner for Finance

“The first tranche of this amount can be quickly disbursed as soon as an agreement with the IMF is reached. We want to help Ukraine stabilize its situation politically. And at the same time, it is necessary to create favorable conditions for economic stabilization. ”

March 12 – European Commission President Jose Manuel Barroso announced the need to urgently allocate assistance to Ukraine.

Promise # 15

Jose Manuel Barroso.

Head of the European Commission

“Next week we will make a further decision regarding urgent macro-financial assistance – 1.6 billion euros to support Ukraine, because this country needs our help.”

Canadian authorities announced their readiness to allocate $ 220 million to Ukraine.

Promise 16

Steven harper

Prime Minister of Canada

“Canada is ready to provide Ukraine with $ 220 million as additional measures to ensure sustainable economic growth, the development of democracy and good governance.”

March 19 – Sweden announced its readiness to allocate a package of financial assistance for Ukraine.

Promise 16

Karl Bildt

Swedish Foreign Minister

“Sweden is preparing a North-Baltic financial assistance package for Ukraine in cooperation with the IMF, and our assistance will be substantial.”

March 27 – The IMF announced its intention to recommend to the board of directors of the fund to allocate $ 14-18 billion to Ukraine.

Promise No. 17

Nikolay Georgiev

Head of the IMF mission in Ukraine

“The agreement reached with the authorities is subject to approval by the IMF management and the executive board. It is expected that the Executive Council will consider it in April after the adoption by the country’s authorities of an effective and comprehensive package of preliminary measures designed to stabilize the economy and create conditions for long-term economic growth. ”

Promise 18

The EBRD can invest about 1 billion euros a year over the next few years, significantly raising its investment from the range of 550 million euros to 750 million euros envisaged earlier in 2014. This increase is envisaged in the context of the reaction of the international community, including the one announced today agreement of Ukraine with the IMF on the macroeconomic stabilization program.

The EU once again announced its intention to provide Ukraine 1.6 billion euros.

Promise No. 19

Simon O’Connor

European Commission Press Secretary

“We welcome the agreement announced by the IMF this morning about a stand by loan for Ukraine, which should be reviewed by the IMF Executive Council in April. The EU plays an important role in international efforts regarding international financial assistance. ”

Allocated funds

US senators have approved the allocation of $ 50 million in financial assistance to Ukraine for “various needs, such as improving democratic governance, transparency, accountability, ensuring the rule of law, combating corruption, as well as holding free and fair elections and strengthening democratic institutions and civil society organizations in Ukraine”.

April 1 – Sweden approved the allocation of 175 million euros for 6 years.

Swedish Minister for International Development and Cooperation Hill Jöngström

“The Swedish government has adopted a new strategy for helping Eastern Europe for the period from 2014 to 2020, in which support for Ukraine is 175 million euros for this period. Given the events that will occur, the amount of funds may increase. “

The German authorities decided to increase the amount allocated to Ukraine by 45 million euros.

Promise No. 20

Friedrich Kitchelt

State Secretary of the Federal Ministry of Economic Cooperation and Development of Germany

“The German government is ready to increase funding for stabilization measures in Ukraine by 45 million euros.”

April 11 – the first funds allocated by the EU for Ukraine.

19 million euros for Ukraine

Today, the European Commission made (payments) to the Government of Ukraine in the framework of sectoral budget support programs for a total of 19.075 million euros. Of these, 14.775 million euros will be directed to improving the management of the state border, and 4.3 million euros – to improve management in the field of environmental protection

April 14 – The Council of the European Union on Foreign Affairs approved a package of financial assistance to Ukraine in the amount of 1.610 billion euros.

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