RT.com
18 Nov 2023, 04:13 GMT+10
Kiev's budget almost completely depends on Western funding, Nikolay Azarov says
Ukraine is bankrupt and the country is unable to fill its budget deficit on its own, as it relies almost entirely on Western aid, former Prime Minister Nikolay Azarov stated on Friday.
The former politician argued that the economic crisis in Ukraine began a long time ago and the country's bankruptcy had already been recorded. According to him, Ukraine's insolvency is manifested in the fact that the country is unable to fill its budget.
"75% of the budget is borrowed or grant funds! And they got to such a point that salaries in October depended on whether the European Union would transfer on time the promised aid of €1.5 billion," Azarov wrote on Facebook.
Meanwhile, public debt is soaring and the budget deficit is widening despite Western aid, according to Azarov.
Earlier this month, Ukraine's central bank revised this year's budget deficit forecast to 20.4% of the gross domestic product instead of the 19.8% previously expected, in what would be the worst performance since 1992.
Ukrainian Prime Minister Denis Shmygal last week announced that Kiev was expecting a financial injection worth $30 billion from the EU, the US, and the International Monetary Fund, which would help the country plug its budget gap.
Azarov has previously warned that the country's economy is "falling apart" as it shows signs of life only with foreign financial assistance, requiring more and more of it.
According to the Ukrainian Finance Minister Sergey Marchenko, next year Ukraine's budget will lack $29 billion without Western financing.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Middle East Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Middle East Star.
More InformationBRUSSELS, Belgium: To address power shortages at electric vehicle (EV) charging stations, last week, the European Commission announced plans to ...
REDMOND, Washington: Microsoft President Brad Smith said there is no chance of super-intelligent artificial intelligence (AI) being developed within the ...
Digital assets facilitate illegal activities and should be banned, Jamie Dimon saysCryptocurrencies should be outlawed, JPMorgan CEO Jamie Dimon said ...
Kabul [Afghanistan], December 7 (ANI): The World Bank's office will become operational in Afghanistan within a month, and it will ...
Nairobi, Kenya - Seychelles President Wavel Ramkalawan declared a state of emergency on Thursday, ordering all citizens except essential workers ...
Tuscaloosa (Alabama) [US], December 7 (ANI): Tech entrepreneur and Republican presidential candidate Vivek Ramaswamy tore into opponent Nikki Haley, also ...
NEW YORK, New York - In a rare move, United Nations Secretary-General Antonio Guterres has taken a dramatic constitutional step ...
BUKITTINGGI, Indonesia: On December 2, Mount Marapi in West Sumatra province, Indonesia, erupted, sending hot ash clouds several miles (kilometers) ...
PHILADELPHIA, Pennsylvania: In a measure supporters claimed will increase public safety amid high violent crime rates, Philadelphia City Council passed ...
CHICAGO, Illinois: As winter sets in and with cold weather just around the corner, Chicago is struggling to house hundreds ...
BOLOGNA, Italy: Due to fears of a collapse, local officials have secured the area around one of two 12th century ...
MUNICH, Germany: The heavy snow and icy conditions that hit Bavaria, Germany, canceled flights and long-distance trains out of Munich, ...