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Economic Crisis in Ukraine
Topic Started: Mar 5 2014, 03:07 PM (389 Views)
Vonar Roberts

Zhou Xiaochuan
Posted Image
Governor of the People's Bank of China

Ladies and Gentlemen,
Ukraine is on the brink of defaulting on its debts and needs about $35 billion US over the next two years to stay solvent, according to Ukraine's own interim finance minister. With the $15 billion Russia promised the country under Yanukovych's regime now off the table, Ukraine needs to secure a debt restructuring agreement and refinancing in short order in order to cover its international commitments.

The People's Republic of China would like to open the debate on what measures the International Monetary Fund can to do to prevent a Ukrainian default.
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merlins
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Republic of Zaire
Elvira Nabiullina
Governor of the Bank of Russia


The Russian Federation is in principle willing to consider financial aid, including within the framework of the previous agreement, however, the implementation of such aid requires a legitimate Government within the Republic of Ukraine. Additionally, in the past Ukraine had been reluctant to fulfill the criteria to which the access to credit-lines had been linked.
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doubleG
대한민국
黒田東彦 | Haruhiko Kuroda
Governor of Bank of Japan

Japan is willing to cooperate on the issue of sending financial aid to Ukraine. By far the political situation in Ukraine is unstable. Therefore we need to hear the official opinion of Ukrainian government on how they will deal with the crisis in front of them.
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Jos1311
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Head Admin
Posted Image
Posted Image Christian Noyer
Gouverneur de la Banque de France | Governor of the Banque de France

Representatives,

The economic situation in Ukraine should be considered extremely dire, and as mister Zhou Xiaochuan indicated there is a need for US$35 billion in assistance to Ukraine over the next two years. The discussion on how we can assist Ukraine is however hampered by the political events unfolding in the country. While the International Monetary Fund (IMF) and other organizations such as the World Bank Group could most likely provide some assistance to Ukraine, the majority of this assistance should only be provided once the political future of the country is more clear and secure. With that being said it would be highly advisable for other organizations or individual nations to look at the possibility to provide assistance to Ukraine on short term. However for this assistance a stable political situation will most likely need to be present as well.

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Redbirdfan
Bundesrepublik Deutschland
Stepan Kubiv
Governor of the National Bank of Ukraine

Ukraine is facing an unprecedented crisis. The infrastructure of my nations is rapidly in decline. This has not been helped by the complete and utter corruption of the Yanukovych regime. We are in the process now of trying to recover the money that was stolen form the people of Ukraine. We are working with interpol and western intelligence to begin gathering these funds back and arresting those responsible.

Those issues aside, the economic warfare being imposed on us by the Russian government is also crippling. They have sunk ships that have blocked Ukrainian naval vessels form leaving port. While that is a military issue, it has severely hampered the civilian naval traffic. That, along with harassment by Russian naval units, has had a negative affect on the ability of Ukraine to conduct timely maritime trade. The actions of the Russian government have also scared off what investors still interested in Ukrainian business and money.

We are here to ask for aid form the IMF to help stave off an impending economic disaster in my country that could very well cause a domino effect across Eastern Europe. We would also welcome observers and aid to ensure that this money is safe from corruption from what remains of the Yanukovych regime inside the Ukrainian government.
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Jos1311
Member Avatar
Head Admin
Posted Image
Posted Image Christian Noyer
Gouverneur de la Banque de France | Governor of the Banque de France

Representatives,

As we speak France has proposed a plan to the European Union that could see Europe provide US$16 billion in assistance to Kiev for this year, and possibly an even greater amount for the year 2015. However Paris firmly believes that such sums of money can only be provided to Kiev if it is willing to undertake large scale reforms and anti-corruption measures. Only than will Paris support large monetary assistance to Ukraine. I would therefore like to inquire if Kiev is willing to undertake such reforms and if so invite Ukrainian representatives to initiate into talks with the European Union on the matter.

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Redbirdfan
Bundesrepublik Deutschland
Stepan Kubiv
Governor of the National Bank of Ukraine

We would be willing to accept observers and case workers from the IMF as well as the EU to help institute laws and framework to ensure any and all aid will be used to stabilize the Ukrainian state.
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Eryk
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СССР
Posted Image - Marek Belka
Prezes Narodowego Banku Polskiego l President of the National Bank of Poland

Could Ukrainian officials clarify the current financial state of Ukraine's government, and the amounts required to avoid a crisis of insolvency?
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Vonar Roberts

Zhou Xiaochuan
Posted Image
Governor of the People's Bank of China

We are willing to provide the government of Ukraine with a $5 Billion USD line of credit at a 3% interest rate, and provide long term debt restructuring for our existing loans to the Ukrainian government which currently totals around $10 Billion USD.

We would also recommend that the Ukrainian government take steps to incrementally reduce the gas subsidies paid out to Naftogaz as your state gas company, Naftogaz, only charges consumers a quarter of the cost of the gas that Ukraine purchases from Russia and the rest of the cost of the natural gas consumed by Ukrainian businesses. If these costs that are currently covered by government subsidies were passed on to the consumer in a gradual and incremental process many of Ukraine's current budgetary problems would be resolved in short order.
Edited by Vonar Roberts, Apr 22 2014, 03:51 PM.
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Eryk
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СССР
Posted Image - Marek Belka
Prezes Narodowego Banku Polskiego l President of the National Bank of Poland

Again I request that the Ukrainian representatives clarify the current financial state of the Ukrainian government in detail. A suitable and final package of aid from the European Union cannot be organized if it is not clear how much aid the Ukrainian government needs.
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