Ukraine is bankrupt: Moscow | WeForNews

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Moscow, August 16: Ukraine has lost its financial independence because it cannot fulfill its obligations to its citizens without the help of the West, Russian State Duma Chairman Vyacheslav Volodin wrote on Monday, according to the media.

Speaking to Telegram, Volodin claimed that “collected taxes are only 40% of the country’s budget”, of which more than 60% covers military spending. Ukraine’s monthly deficit amounts to $5 billion, Volodin recalled, RT reported.

“Ukraine is bankrupt,” he said.

The same figures were reported Friday by the Wall Street Journal.

According to the speaker, “without the help of Washington and Brussels, Kyiv can no longer fulfill its obligations to the citizens,” RT reported.

“Ukraine has lost its financial independence,” Volodin concluded.

On Monday, the Ukrainian government introduced a bill to abolish preferential fuel taxation. An explanatory note on the Rada’s website states that “there is a significant lack of funds to finance the road industry”. The legislation is set to create “during the period of martial law” the conditions “for the smooth functioning of the economy” and the increase in budget revenue through excise duties.

In a recent interview with RBC Ukraine, Finance Minister Sergey Marchenko said next year’s budget will be “extremely tight” due to “war conditions”.

“There will be no expenses that will not be reviewed,” he said, RT reported.

According to Oleg Ustenko, presidential adviser for economic issues, the Ukrainian state budget deficit is expected to reach $50 billion by the end of the year. It’s about 30-35% of the country’s GDP, he said in a TV interview last month, adding that “it’s a war problem”.

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