100% debt write-off: Economist names Ukraine’s main task after the war
23 February 19:20
After the war ends, Ukraine must set itself a clear and strict economic goal: complete write-off of public debt without any restructuring or compromises. The initiative must come from the state itself. This was stated in an interview with the YouTube channel "Komersant Ukrainian" by Andriy Novak, chairman of the Committee of Economists of Ukraine.
The economist is convinced that the debt issue should not be shifted onto the shoulders of Ukrainians after the war.
“After the war, the first economic task that Ukraine should set for itself is 100% complete write-off of the national debt. Complete, 100%. Without any restructuring, a complete 100% write-off of the national debt,” he said.
Novak emphasizes that Ukraine has every right to do so — both morally and factually.
“Ukraine has every right to do so. Moral, material, factual. Because we really did protect Europe, at least from the Russian war,” he adds.
According to him, Ukraine’s national debt is not a critical amount for global capital, and its write-off would be a minimal expression of gratitude from the civilized world.
“Writing off Ukraine’s national debt, which is insignificant for global capital, is a meager, minimal expression of gratitude, the smallest expression of gratitude that the civilized world can show Ukraine,” Novak believes.
Novak also suggested an alternative mechanism—repayment of the debt using frozen Russian assets, or a combination of both options.
“And there is a second option — 100% payment of Ukraine’s state debt using seized Russian assets. Or a combination of both,” Novak said.
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In his opinion, after a full-scale war, citizens should not have to pay an additional price for state obligations.
“After such a difficult war, Ukrainian citizens should not have to bear the burden of public debt on their shoulders. I believe that this is an axiom that does not need any proof,” he concluded.
Thus, according to Novak, the demand for full debt write-off or compensation at the expense of Russian assets should become a key foreign economic priority for Ukraine immediately after the end of the war.
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