The whole country froze in anticipation of a miracle. And this is not the Second Coming or the death of Putin. Ukrainians are waiting for the first part of the financial tranche from the World Bank, which should help us overcome the economic crisis. At the same time, we continue to pay our previous debts, which have already accumulated enough… However, they are only increasing.
Let’s go back to the end of March this year. At the time, the authorities agreed on financial assistance from the World Bank on two terms:
- The land market will be opened;
- An “Anti-Kolomoisky” banking law will be adopted.
The first demand was met in violation of regulations and against the will of the Ukrainian people, after which the IMF gave us financial assistance in the amount of $ 2.1 billion.
The “Anti-Kolomoisky” law was passed on May 13, for which the World Bank promised us the first part of the tranche of UAH 350 million. But it is already known that his transfer is postponed. The official reason is the overall high workload of the World Bank with requests from other countries. Unofficial is much more prosaic: anyone who has been interested in money from the antiquity fund knows that almost all of it has already been spent.
And for Ukrainians this situation gives another reason to think about who Zelensky really cares about.
And now about debts and loans. In the second quarter of 2020, Ukraine’s gross external debt increased by $ 2.5 billion, and since the beginning of the year by 1.1 billion.
Keep in mind that this year is the most difficult in terms of the number of debt payments, we have to pay UAH 400 billion and, unfortunately or fortunately, we are paying them steadily.
But the problem of foreign currency credit and tranche is the fluctuation of the exchange rate of the currency in which it was provided. A couple of million dollars of additional debt falls on us only because the dollar falls by a few cents.
By the way, this tranche, which will come to us from the World Bank, will also be credited to the balance of external credit. Keep this in mind.