Abromavicius: restructuring of foreign currency loans - populism

The Minister of economic development and trade of Ukraine aivaras abromavicius believes that the Law on the restructuring of foreign currency loans populist.

on Thursday, the Ukrainian Parliament adopted in the 3rd and final reading the Law on the restructuring of foreign currency consumer loans. The obligation will be possible to transfer into hryvnia at the exchange rate on the day of conclusion of the credit agreement, entered a two-year moratorium on the collection of taxes. But most importantly, you can write off up to 85% of the principal. Cancellation is possible if the total payments on the loans prior to the entry into force of the law, exceeded 15% of the principal amount.

"The law on restructuring of debts in foreign currency is pure populism. Should not have allowed this to happen. The law is contrary to our obligations to the IMF, " - said the Minister at a press conference on the last working day of the week.

according to his vision, if the Law goes into effect, Ukraine may not receive the next tranche from the IMF." subsequent tranche, which is required to stabilize the situation in the country, we can't wait, " said Abromavicius.

first Finance Minister of Ukraine Natalie Jaresko said that the Law on the restructuring of foreign currency loans - populism, " which has nothing to do with justice ".

The national Bank of Ukraine also said that the Law " will destroy the monetary system of the country and will cost 100 billion hryvnia (about 4, 8 billion dollars). Executive Director of the Independent Association of Ukrainian credit organizations Yelena Korobkova believes that the currency restructuring of consumer loans in Ukraine will lead to immediate billions in losses to credit institutions, the devaluation of the hryvnia in 2 times and higher prices.

Rally to demand the restructuring of foreign currency loans was held on Thursday outside the Parliament building. The protesters demanded the adoption of a law which provides for the conversion of foreign currency loans at the rate of five per dollar, which was before the financial and economic fall of 2008. At the moment the rate of the national currency - 21 hryvnia per dollar.


sections: Politics