EU Cash Injections In Ukraine Disappear In Tycoons’ Pockets, Czech President Says

PRAGUE, Czech Republic -- The European Union’s cash injections in Ukraine are ineffective, Czech President Milos Zeman said in an interview with the Prague-based Barrandov TV channel.


"Let them [Ukraine] pass anti-corruption laws as still there is the rule of tycoons there," the Czech leader said.

"Pouring in money from the EU there means that this money will disappear in these oligarchs’ pockets."

Zeman noted that Ukraine should solve its own problems itself.

"We should not impose our models and tell them how to rule a state in a right way. Let them carry out a constitutional reform and introduce decentralization."

On June 13, the European Parliament endorsed granting Ukraine a new package of macro-financial assistance to the tune of 1 billion euros ($1.17 billion).

The European Council earlier said the funds will be allocated to support Ukraine’s economy and reform programs.

It is expected that another loan of 1 billion euros will meet Ukraine’s demands in the coming two and a half years.

Since 2014, Ukraine has received three programs of the EU micro-financial assistance in loans estimated at 3.4 billion euros ($4 billion).

Source: EPA

Comments

Nicholas said…
He's probably absolutely right.
grycar said…
Perhaps, however subject to empirical verification.