https://sputnikglobe.com/20240812/debt-riddled-ukraine-blames-slow-us-aid-scrambles-to-pay-its-army-1119730146.html
Debt-Riddled Ukraine Blames 'Slow' US Aid, Scrambles to Pay Its Army
Debt-Riddled Ukraine Blames 'Slow' US Aid, Scrambles to Pay Its Army
Sputnik International
Debt-riddled Ukraine is blaming slow delivery of aid from Western sponsors for its yawning debt and growing military spending in the NATO proxy war.
2024-08-12T08:55+0000
2024-08-12T08:55+0000
2024-08-12T08:55+0000
world
ukraine
nato
volodymyr zelensky
donald trump
congress
proxy war
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An increasingly debt-riddled and ingrate Ukraine is starting to turn on its Western sponsors, blaming them for lagging weapons deliveries to bolster the ongoing proxy war. Kiev is particularly faulting the US for its huge budget deficit, which has brought Ukraine to the brink of default.A US loan payout worth $50 billion needs to be accelerated, the Zelensky regime’s Finance Minister Serhiy Marchenko told the Financial Times. According to him, it’s the slow delivery of NATO weapons, especially from Washington, that is to blame for the $12 billion rise in military spending.While the US Congress approved $27 billion in direct US military aid in April this year, Marchenko bemoaned the fact that its disbursement was too “slow.”With the Western cash infusion delayed, the regime was forced to dip into its own coffers to buy weapons and ammunition, he was quoted as saying, using up money set aside “to cover salaries for our troops.”To fill the gaping hole of military expenses, the official claimed, Ukraine will have to fall back on unpopular measures such as cutting spending, selling state assets, and hiking up taxes. The Ukrainian government has proposed a rise in its tax charged on people’s salaries from 1.5% to 5%.The $50 billion that Ukraine is clamoring for is to be finalized by the Group of Seven this year. In June, the G7 countries agreed during their summit in Italy to provide the funds by utilizing revenues generated from the interest on Russia’s $325 billion in assets illegally frozen in countries of the collective West. Most of these assets are held at Belgium’s Euroclear. However, talks between the US and EU on finalizing the $50 billion loan have stalled.Furthermore, there has been a lack of unanimity within the European bloc, as Hungary has repeatedly objected to the use of Russian frozen assets for funding NATO's proxy war in Ukraine.Time is of the essence for the neo-Nazis lodged in Kiev as they suffer combat failures on the front line and manpower shortages. They are also hounded by fears that a potential triumph by Republican candidate Donald Trump in the US presidential election in November could throw a wrench in the works. Trump has repeatedly threatened to cut off US aid to Ukraine.
https://sputnikglobe.com/20240810/ukraine-losing-battle-to-recruit-new-cannon-fodder-for-nato-proxy-war-1119705232.html
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ukraine, state debt, external debt, public debt, debt, west, zelensky regime in debt, ukraine's commercial debt, ukraine has de facto gone into default,
ukraine, state debt, external debt, public debt, debt, west, zelensky regime in debt, ukraine's commercial debt, ukraine has de facto gone into default,
Debt-Riddled Ukraine Blames 'Slow' US Aid, Scrambles to Pay Its Army
As a major bulk of foreign aid to Ukraine comes in the form of arms supplies, financial aid from Kiev's sponsors has been failing to cover all of the regime's spiraling expenses. Volodymyr Zelensky's Ukraine hit a debt peak in July, bringing it to the brink of default.
An
increasingly debt-riddled and ingrate Ukraine is starting to turn on its Western sponsors, blaming them for lagging weapons deliveries to bolster the ongoing proxy war. Kiev is particularly faulting the US for its huge budget deficit, which has brought Ukraine to the brink of default.
A US loan payout worth $50 billion needs to be accelerated, the Zelensky regime’s Finance Minister Serhiy Marchenko told the Financial Times. According to him, it’s the slow delivery of NATO weapons, especially from Washington, that is to blame for the $12 billion rise in military spending.
While the US Congress approved $27 billion in direct US military aid in April this year, Marchenko bemoaned the fact that its disbursement was too “slow.”
With the Western cash infusion delayed, the regime was forced to dip into its own coffers to buy weapons and ammunition, he was quoted as saying, using up money set aside “to cover salaries for our troops.”
To fill the gaping hole of military expenses, the official claimed, Ukraine will have to fall back on unpopular measures such as cutting spending, selling state assets, and hiking up taxes. The Ukrainian government has proposed a rise in its tax charged on people’s salaries from 1.5% to 5%.
Ukraine’s national debt has almost doubled under Zelensky. According to the country's Finance Ministry, its state debt amounted to $152.2 billion by July, a record 88.4% of GDP. The main growth is due to Ukraine's external debt, which increased by $59.5 billion to reach $103.7. The domestic debt increased by $14.4 billion to $40.5 billion.
The $50 billion that Ukraine is clamoring for is to be finalized by the Group of Seven this year. In June, the G7 countries agreed during their summit in Italy to provide the funds by utilizing revenues generated from the interest on Russia’s $325 billion in
assets illegally frozen in countries of the collective West. Most of these assets are held at Belgium’s Euroclear. However, talks between the US and EU on finalizing the $50 billion loan have stalled.
Furthermore, there has been a lack of unanimity within the European bloc, as
Hungary has repeatedly objected to the use of Russian frozen assets for funding NATO's proxy war in Ukraine.
Time is of the essence for the neo-Nazis lodged in Kiev as they suffer combat failures on the front line and
manpower shortages. They are also hounded by fears that a potential triumph by Republican candidate Donald Trump in the US presidential election in November could throw a wrench in the works. Trump has repeatedly threatened to cut off US aid to Ukraine.
