IMF for­gives too much

Kyiv Post - - Opinion -

Ukraine’s lead­ers got lucky when the In­ter­na­tional Mone­tary Fund lent another $1 bil­lion, bring­ing to al­most half the $17.5 bil­lion in con­tem­plated cred­its through 2018, even though the na­tion only ful­filled five out of 14 struc­tural re­forms. The in­ter­na­tional lender of last re­sort is the most pow­er­ful check on the abuses, cor­rup­tion and im­punity of Ukraine’s lead­ers. It must get tougher on Ukraine’s lead­ers be­fore lend­ing any more money.

Here are the five con­di­tions that Ukraine met: 2017 low-deficit state bud­get, res­o­lu­tion of banks that do not meet cap­i­tal re­quire­ments, full cost re­cov­ery prices for en­ergy, re­duced en­ergy con­sump­tion, fil­ing of 2015 e-dec­la­ra­tions for pub­lic of­fi­cials.

The list of un­met con­di­tions is long and se­ri­ous: col­lec­tion of Pri­vatBank’s mas­sive bad loans, pen­sion re­form, civil ser­vice re­form, in­tro­duc­tion of agri­cul­tural land sales, creation of an anti-cor­rup­tion court, ad­just­ments to en­ergy sub­si­dies, cen­tral­ized data­base for so­cial as­sis­tance pay­ments, greater pow­ers for the Na­tional Anti-Cor­rup­tion Bureau of Ukraine, and oth­ers.

The IMF needs to take a harder line on Ukraine’s re­cal­ci­trant lead­ers.

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