NBU: IMF Loans will not save the Ukrainian economy

IMF loans do not allow the development and support livelihoods.

НБУ: Кредиты МВФ не спасут украинскую экономику

Lending the IMF did not stop the de-industrialization© Press center of the NBU

Loans from the IMF will not solve the structural problems of the economy. Cooperation with the IMF is a window of opportunity, our “pass” in a globalized world. But life is development, not the maintenance of life. Wrote about this on his page in Facebook the head of the NBU Council Bohdan Danylyshyn.

“Extension of credit from the IMF will help to preserve macroeconomic and macro-financial stability in Ukraine, will reduce the risk of hryvnia exchange rate fluctuations will facilitate the repayment of foreign debts. However, this will not solve the structural problems of the economy, will not stop its de-industrialization,” said he.

It encourages focus on the developed countries that take measures to promote industry or encourage certain sectors of the economy.

“We need to form clusters in such promising high tech sectors of the Ukrainian economy, like the aerospace complex, machine-tool construction, production of modern agricultural machinery. Ukrainian science should be maintained and transformed, especially its technical component to work in the system of clusters,” suggests he.

He also considers it necessary to attract foreign investment, agricultural production, engineering development, promotion of Ukrainian exports, public-private partnership in infrastructure development and reform of economy by the Ukrainians, who know local conditions and specifics.

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