Minister: “Ukraine is bankrupt”

Baku: Ukraine’s new Minister of Economic Development and Trade Aivaras Abromavicius said on Wednesday the country was in fact a bankrupt.

“The state, as a matter of fact, is a bankrupt, so, it is simply unrealistic to expect us to offer real, but not declarative, programmes of motivation,” he said at a session of the Verkhovna Rada /parliament/ committee for economic policy. “Hence, the main thing now is not to impede businesses, and business will put things at rights.”

He promised that it would take about two years for Ukraine to be ranked among top 50 countries in the Doing Business rating.

he International Monetary Fund (IMF) has warned Western governments that war-weary Ukraine will need an extra $15 billion in aid over the coming weeks to avert financial collapse.

Abromavicius said the country may need to almost double its $17 billion emergency loan “within weeks” to avoid bankruptcy