Ukraine – A World Bank official warned of the possibility of Ukraine’s bankruptcy, stressing that Kiev’s public finances are in a “catastrophic” state, and the country relies heavily on foreign aid.
The official said in statements to TASS that Ukraine may go bankrupt next year unless Western countries agree to write off or restructure Ukrainian debts.
Kiev relies heavily on financial aid from the West, but foreign support has diminished in recent months, as the $60 billion US aid package remains stuck in Congress.
At the end of last year, Fitch gave Ukraine a low credit rating, highlighting the high risks of the Ukrainian economy.
Other factors that prompted the agency to give Ukraine this rating include the budget deficit, high public debt, and uncertainty regarding continued foreign aid, especially from the United States and the European Union.
Ukraine’s budget for the year 2024 includes expenditures worth $86 billion and revenues of $45 billion, meaning that the Ukrainian budget deficit amounts to $41 billion. Ukraine receives financial support from the West, and in the future, Kiev will face difficulty in achieving financial sufficiency.
Source: Agencies
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2024-04-04 22:36:51
