Ukraine’s debt should be written off in full after the war, says Novak
27 April 20:09
Ukraine must insist on the full cancellation of its national debt once the war ends. Economist Andriy Novak made this statement in an interview with the YouTube channel "Komersant Ukrainian".
The economist explains that as early as 2014, following the annexation of Crimea, Ukraine’s debts should have been written off entirely, since the countries guaranteeing its security failed to fulfill their obligations. Instead, only a partial write-off and restructuring took place.
“Part of Ukraine’s national debt was written off, and the rest was restructured. I said back then that there should be a 100% write-off,” Novak emphasized.
He believes that following the full-scale war, Ukraine’s position has only strengthened, as the country bears the brunt of the war—fighting and containing Russian aggression, preventing it from spreading to Europe.
“We are effectively using our own backs, our own people, and our own losses to stop Russian aggression now, so that it does not go any further… Because, as we understand it, Russia has no limits to its appetite for killing,” the economist stated.
In his view, debt forgiveness could serve as minimal compensation for Ukraine from its international partners.
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“The least they can do is write off the debts. The smallest payment to Ukraine is the cancellation of the national debt,” he added.
At the same time, Novak notes that raising this issue at the official level during the war is inappropriate, since Ukraine continues to receive financial aid.
“Right now, we shouldn’t be raising the issue of writing off the national debt, because at this moment it would be harmful. But after the war, this should be one of the key issues,” he concluded.
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