With all the money sloshing around the Ukraine, it would have been a miracle if a good chunk of it hadn’t ended up in various nefarious actors’ pockets. From John Helmer at johnhelmer.net:
President Vladimir Zelensky has enough fingers to count that $115 billion is worth almost three times more than $41.3 billion.
The first number is the International Monetary Fund’s (IMF) calculation of “external support over 2023–27 involving sizable official financing in the form of grants and concessional loans, as well as debt relief.” This includes “SDR [Special Drawing Rights] 11.608 billion (577.01 percent of quota, about US$15.6 billion).” No IMF member state has ever been allowed to take a six-times multiple of its borrowing quota at this money volume except for the Ukraine. Nor has any IMF member state ever been authorised by the IMF board of directors to stop new domestic bank lending and postpone all borrowing obligations (“current debt standstill”) for at least another three years from this Christmas.
The resulting money pile the IMF calls “the wartime liquidity surplus”.
Converting this into the Ukrainian banks’ profit line and diverting that into individual cash and assets, Kiev officials have told Reuters to report as the “Ukraine banks’ robust health.” “Across the banking sector,” the New York-based propaganda agency reports, “deposits are as abundant as they’ve ever been, and the country’s lenders have found ways to remain profitable.” This is being done, they explain, by borrowing more and more in government bonds at a 25% interest rate guaranteed by more IMF money flowing into the central bank; lending less and less to zero for customers; and ignoring the increasing pile-up of defaulted, non-performing, or fraud loans.
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