Mykola Azarov, Ukrainian MP and finance minister of the oppositional government, believes that the IMF loan, given to Ukraine on conditions accepted by the government, will destroy the Ukrainian economics. He said this in an interview with Ekonomichna Pravda.

“I never believed that the situation in Ukraine is so bad that we should run immediately for the five-year loan”, the politician said. “How will we pay back the money?”

“Ukraine will annually pay back 1.5-2 billion U.S. dollars as it has a general debt at 14 billions. After Ukraine received the IMF loan, its debt soared to 30 billions. The first two years of the IMF loan are privileged. It means that in 2009 and 2010 we will not pay it back, but, in 2011 we will have to pay 5 billions to IMF, in addition to 2 billions of current liabilities.

That is, in the year 2011, we will have to pay back almost 7 billion U.S. dollars. But it’s not all! In 2012, Ukraine will have to pay back nearly 7-8 billions of debts, and the same amount in 2013. I just can’t imagine the level to which our incomes should grow so that we could easily pay back these debts? What is to pay back 7 billion U.S. dollars? As of today, it’s almost 40 billion hryvnias, or a third of the state budget income!”, M.Azarov said.

Azarov believes that any government, which will be at power in the years 2011-2013, will insist on refinancing and prolonging the loans. Asked whether M.Azarov would refuse the IMF load if he were a member of the incumbent government, the MP said:

“No I would not refuse it. But, firstly, I would build talks with IMF in another way. We do not need a loan for five years, we need a long-term loan. Secondly, we do not need now all the 16 billions, we need just resources to cover the eventual short-term gap. Thirdly, I would never agree to the steps undertaken by the Tymoshenko’s government. In fact, it will entail reduction of salaries and social grants-in-aid. Because all these steps will work, first of all, against the internal market. We have many times held talks with IMF and we perfectly know that, if a country maintains a strong position, they will propose some conditions, and if a country is stretching out its hand with its knees trembling, the conditions will be absolutely other”.

“The government has not answered as yet to our demand to show the “beacons”, figures and temporary indices we undertook to fulfill to IMF. “Tomorrow we will show you, without any doubt”, they say… But they have done… Today it’s terrible to live in this country. I’m confident that the IMF loan will be stolen”, the MP said.


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