Promises Ukraine made to the IMF for $ 5 billion and why the country's GDP will fall as a result

The main demand of the Verkhovna Rada starting next week should be the mandatory publication of the terms of the IMF Memorandum and the list of people who worked on it, MP Aleksandr Dubinskyi believes.

“It is important to understand what obligations the country has made and who formulated them - who is the enemy of the state,” he says.

The MP is convinced that Ukraine has witnessed a grandiose scam. After all, initially, the people were promised that a loan from the International Monetary Fund would be provided if only two conditions were met, namely the adoption of these two laws:

• on land reform, opening the sale of plots;

• anti-banking, which exempts Poroshenko / Gontareva and partners from the liability for financial crimes of 2014-2019.

“However, in the end, more requirements have been added. These include raising utility tariffs, transferring the High Council of Justice to external administration, and external control over NABU, an obligation not to dismiss the leadership of the National Bank, and many more,” Dubinsky emphasizes.

He is convinced that the people have the right to know the truth about all the terms that they agreed on.

The Memorandum, which our country signs with the IMF, is being prepared in Ukraine. It is being prepared by the Cabinet of Ministers [now Denis Shmygal] together with the National Bank, and consequently, it is transferred to Washington for approval and signing. This is nothing but the obligations of our country to external creditors, however, the terms were created in Ukraine.

“It was our initiative to transfer part of our sovereignty to external management, and now we need to meet all the requirements. For instance, the accomplice of transnational corporations Petro Poroshenko, having lost the election, is plotting revenge with the support of external forces that impose further regulations on our economy with the help of loans and debts. Poroshenko had been playing the role of a dependant of the western governor, deducted a share to him, and for that he received support. That is the reason why the people of Ukraine are forbidden to hold him accountable for his crimes” Aleksandr Dubinskyi explains.

At the same time, he recalled that the IMF, putting forward a number of economic and political requirements for Ukraine, worsened the economic forecast for our country. Previously they predicted a 7.7% decrease in our GDP in 2020 but now it has been forecast at 8.2%.

“The 8.2% fall is the last warning of the financial and economic crisis. In essence, this means the shortfall in budget revenues, Pension Fund revenues, the rise of unemployment, inflation, and the dollar exchange rate, as well as further destruction of the country's industrial potential and Ukraine’s dependence on foreign markets for raw materials,” Dubinskyi says.

The main risk is that all these problems would be solved with the help of unproductive emission of the hryvnia. That is, the “printing press" will be turned on not to revive production and start lending, but to consume this financial capital. It will lead to the currency’s devaluation and poverty in the country.

Andrey Pshenichny for the site