Thieves Paradise in Kiev – IMF Admits It Doesn’t Know How Much Ukraine Has Received of $35 Billion in Promised Foreign Cash, Or Where the Money Was Spent, by John Helmer

Who knew that the country that consistently ranks as the most corrupt in Europe would turn out to be an unaccountable money pit? From John Helmer at johnhelmer.net:

A new report by the International Monetary Fund (IMF) reveals that the Ukraine has become a thieves’ paradise  in which  corporate loan defaults are written off;  embezzlement from banks is not traced;   the National Bank of Ukraine (NBU) no longer audits the country’s bank liabilities and reserves;  and the IMF admits it cannot tell how much of the $35 billion in foreign cash grants and loans promised to Kiev has been disbursed, or to whom.

“Disbursements of all committed funds over the remaining months of the year is urgently needed and will make a difference,” declares Kristalina Georgieva (lead image), the IMF Managing director since 2019, “especially in light of the recent horrific damage to energy infrastructure.”  Georgieva was speaking in Berlin on October 25.

“In a best-case scenario,” she added, “we estimate that Ukraine’s financing needs would be about $3 billion per month. When we incorporate some additional financing for higher gas imports and some repair of critical infrastructure, we quickly reach $4 billion per month. The recent missile attacks, which have clearly caused much more damage, not only confirms the validity of these estimates but leads us to consider $5 billion upper range.”

However, in a 32-page IMF staff report    on the state of Ukrainian budget finance and the risk of system-wide financial collapse, the Fund experts  have concluded that “large-scale forbearance with a delayed recognition of NPLs [commercial bank non-performing loans] and the suspension of NBU enforcement actions and audits of financial statements make a comprehensive assessment of the impact of the war difficult and uncertain.” The report has been released at this link on the IMF website.

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One response to “Thieves Paradise in Kiev – IMF Admits It Doesn’t Know How Much Ukraine Has Received of $35 Billion in Promised Foreign Cash, Or Where the Money Was Spent, by John Helmer

  1. Pingback: Thieves’ paradise in Kiev – IMF admits it doesn’t know how much Ukraine has received of $35 Billion in promised foreign cash, or where it was spent | Waikanae Watch

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