{"id":82619,"date":"2017-11-27T16:58:22","date_gmt":"2017-11-27T16:58:22","guid":{"rendered":"http:\/\/uacrisis.org\/?p=62659"},"modified":"2017-11-28T17:30:02","modified_gmt":"2017-11-28T15:30:02","slug":"62659-international-loans-2","status":"publish","type":"post","link":"https:\/\/uacrisis.org\/en\/62659-international-loans-2","title":{"rendered":"Ukraine has used only half of the loans received in 2014-2016 \u2013 Accounting Chamber report"},"content":{"rendered":"

WATCH IN ENGLISH<\/a><\/p>\n

At the recent Eastern Partnership summit, another EUR 1,8 billion EU\u2019s macro-financial assistance to Ukraine was announced. However, the strategy for the use of the loans is missing \u2013 priorities, where the money should be directed, have not been figured out. According to the report by the Accounting Chamber, Ukraine has used only 49 percent of the loans received between 2014 and 2016. \u201cIf we get to analyze why the level of the funds\u2019 use is so low, we can see in the same report that the lack of the strategy for reforming of various sectors negatively affects the level of the funds\u2019 use. These are either energy efficiency projects, or the ones that concern modernizing housing and utility sector, or infrastructural projects. We also see that particular ministries, responsible for the money we lend for development, work inefficiently. In the end, we face sabotage or delay with the use of the funds disbursed to us by international financial organizations,\u201d independent MP Hanna Hopko explained at a press-briefing at Ukraine Crisis Media Center.<\/p>\n

\u201cThe key here is not how much funds they disburse but how well we deliver. In 2014, we used 70 percent of the funds, in 2015 \u2013 47 percent, and 42 percent in 2016,\u201d MP Oleksiy Ryabchyn (Batkivshyna faction) said. Among the projects in the energy sector that were secured with loans but later suspended is the renovation of hydroelectric power plants, increasing of electric power transfer efficiency, modernizing gas pipelines,\u00a0 increasing\u00a0 energy efficiency, etc. \u201cThese projects hired Ukrainian and foreign advisors who get paid well but nothing is being done. Nothing is being done both at local and at central levels. However, the state of Ukraine keeps paying the interest rate on these loans,\u201d MP Ryabchyn added. Over 2014-2016, Ukraine paid a total of EUR 33 million and six million US dollars of interest on the loans provided.<\/p>\n

Hlib Vyshlinsky, executive director of the Centre for Economic Strategy, emphasized that the key prerequisite to Ukraine\u2019s positive economic growth is the attraction of investment. On the other hand, the main obstacle to getting the money is the lack of the established project management system in the public sector. \u201cThe only public institution that has a full-fledged project management system is Ukraine\u2019s National Bank. The matrix management system has been established there, they have classic vertical structures in which staff has clear subordination and work daily. At the same time, there is a project-related structure comprising people belonging to different vertical structures aiming at meeting a particular goal, for example, to reform the organizational structure of the National Bank or to change the currency management system,\u201d Vyshlinsky noted.<\/p>\n

According to Viktor Mazyarchuk, Head of the Parliamentary (Verkhovna Rada) Office for Financial and Economic Analysis, the main reason behind the inefficient use of loans or not using them at all is because Ukraine is lacking a strategy how to attract the money and where to direct it in each sector. \u201cFirst of all, priorities need to be defined and systematized. Unfortunately, in our daily work we see that strategic documents quite often do not correspond or even contradict each other. Some of points of the strategy \u2018Ukraine 2020\u2019 contradict the mid-term governmental plan for 2017-2020. It should not happen a priori,\u201d Mazyarchuk emphasized.<\/p>\n

Oleksiy Ryabcyn added that for Ukraine it is important to be analyzing how useful the money would be for the projects that are being offered. \u201cNot all the projects suggested for Ukraine are what Ukraine really needs. We should safeguard our national interests because there are influential lobbyists that have their own interests. We need to be checking the documents we sign, it should become a normal nationwide practice,\u201d the MP emphasized.<\/p>\n","protected":false},"excerpt":{"rendered":"

WATCH IN ENGLISH At the recent Eastern Partnership summit, another EUR 1,8 billion EU\u2019s macro-financial assistance to Ukraine was announced. However, the strategy for the use of the loans is missing \u2013 priorities, where the money should be directed, have not been figured out. According to the report by the Accounting Chamber, Ukraine has used […] More<\/a><\/p>\n","protected":false},"author":20,"featured_media":82620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":[],"categories":[705],"tags":[4267],"section":[648],"form":[31956],"yoast_head":"\nUkraine has used only half of the loans received in 2014-2016 \u2013 Accounting Chamber report | UACRISIS.ORG<\/title>\n<meta name=\"description\" content=\"https:\/\/www.youtube.com\/watch?v=KmWwM4SyfZo WATCH IN ENGLISH At the recent Eastern Partnership summit, another EUR 1,8 billion EU\u2019s macro-financial | Uacrisis.org\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uacrisis.org\/en\/62659-international-loans-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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