Arseniy Yatsenyuk: It is not us who accumulated debts but we are committed to restructure them and remove the yoke from future generations
The Government will not pull money out of the pockets of Ukrainian citizens to pay off the external debts, completely incompatible with the economic situation of the country at war. A debt worth $ 40 billion taken by Yanukovych's regime needs to be restructured, announced Prime Minister of Ukraine Arseniy Yatsenyuk at the Government’s meeting on Friday, 12 June.
“The sum worth $ 40 billion, accumulated by the Yanukovych’s regime, is the amount we are not able to service in the form we have it today," said the Prime Minister.
The Prime Minister reminded that Ukraine spends on servicing internal and external debt an amount equal to all military expenditures - 5% of GDP.
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He stressed that he considers unacceptable just to hand over payment of loans to the successors: "We are working for decades. Therefore, the yoke of debt should be restructured on reasonable terms. It is a great burden for the budget, and not just for the budget - it is unbearable for the people of Ukraine". "We won't pull money out of the pockets of Ukrainian citizens to pay back our external debts, completely incompatible with the economic and fiscal situation for the country at war ", emphasized Arseniy Yatsenyuk. He declared that the Ukrainian party had offered to private creditors a debt-restructuring mechanism. “It is not us who accumulated the debts but we are committed to restructure them and remove the burden, or, so-to-say, the yoke from future generations,” summed up Arseniy Yatsenyuk.
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