Ukraine's 2023 budget has a $38 billion gap. Who will help cover it?
Euronews: Ukraine's 2023 budget has a $38 billion gap. Who will help cover it?
Russia's war has ravaged Ukraine's public coffers, leaving the country with an ever-widening deficit that requires urgent foreign assistance to keep the economy afloat.
The widespread havoc wreaked by Russian forces has triggered insolvency, brain drain, rising unemployment, soaring inflation and a drastic fall in exports, wiping away billions in revenue and tax income.
An initial forecast by the World Bank that predicted a 35% contraction of Ukraine's GDP has worsened as a result of the Kremlin's continued attacks against key infrastructure.
The country is now scrambling to find sources of revenues to sustain its 2023 budget, which includes a record-breaking deficit of $38 billion (€36.9 billion).
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WNU Editor: This deficit projection was published before Russia started to attack Ukraine's electrical grid. I would not be surprised if the real budget deficit is tens of billions more.
These funds have to be covered. They pay the salaries for government officials and military personnel. It covers the pensions and all other bills.
Failure to cover these bills will mean that the Ukraine government will be forced to print money. This means inflation. Maybe even hyper-inflation. This is an economic nightmare that Kyiv must avoid at all cost.
Update: It looks like this gap is not going to be covered by the EU .... EU ‘will find it hard to look Ukraine in the eye’ after breaking financial promise (Express).
10 comments:
Russia will with the sale of its frozen assets. Plus the sale of Putin's billion dollar mansion. You know Pootie came by the mansion honestly on his salary.
Pootie Poot should have a weekend treat, love fest, with Joe Biden, where they can trade spit and tips on how tos kim 10% of a state's budget for personal use.
lovely couple
Ukraine needs to concede and make peace with Russia to stop the war. They can not win without destroying their nation beyond repair. Let the Russian parts of Ukraine join Russia like the people want. That begging clown who is President needs to be replaced also.
Are you a US citizen? If so.... yes, you will pay for it.
Keep backing the ukies and see the money go down the rat hole.
BTW I am all for backing the Ukies. But not giving them a dime or a spoon unless they pay for it in cash. But they have my full support. Slava Ukraine!
Of course our glorious allies will contribute a paltry amount, as usual.
Frozen assets?
you mean theft by other means. Can you say Syrian oil?
Thieves and sons of thieves.
Just like in Cypress when the banks collapsed. If you had money in the bank they took it away.
Freezing assets bad
Destroying another country good
Russkie troll
Support gop and end social security and medicare and you can pay for it instead of living off welfare
Panama Papers showed Zelensky can cover over a billion himself. That leaves only $35.5 billion for the humble taxpayer.
Keep backing Ukies. It's like one of those Nigerian email money schemes. They always comeback with excuses on why they need more.
"Who Will Cover Ukraine's $38 Billion Budget Deficit?"
Oh, that's simple, the paymaster of the world of course, Germoney.
Like in every other european war in the last 150 years, make the germans pay the bill
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