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Collapse of Ukraine Government: Prime Minister Yatsenyuk Resigns amidst Pressures Exerted by the IMF

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Cross-posted from Global Research


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Arseniy Yatsenyuk
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Ukraine's Prime Minister Arseniy Yatsenyuk announced his resignation in the Rada (Parliament) and that of the entire Cabinet on Thursday, July 24. This decision was taken following the withdrawal of two parties from the coalition government and the non-adoption of two important pieces of legislation, which had been demanded by the International Monetary Fund (IMF)

"I announce my resignation after the collapse of the coalition and the blocking of government initiatives ...

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"In connection with the breakup of the parliamentary coalition, as well as non-adoption of a number of important bills, I announce my resignation."

The resignation of the Prime Minister signifies the collapse of the government and the resignation of the entire cabinet.

"But the cabinet members will continue fulfilling their duties until a new coalition is formed in the Rada."

On July 24th, the Rada failed to support the government's bill pertaining to the 2014 budget sequestration, which had been demanded by the IMF on behalf of Kiev's external creditors. The disbursement by the IMF of the "Second Tranche" of a 17 billion dollar policy based loan was conditional upon the prior adoption of this legislation.

"The parliament must adopt amendments to the state budget needed to finance our army and also documents needed for cooperation with international financial institutions. [e.g. IMF, World Bank, EBRD]" said PM Yantsenyuk. (emphasis added)

The entire country is in an impasse. No money will be forthcoming from the IMF until this legislation is adopted. In the meantime, Ukraine remains on the blacklist of its external creditors.

Moreover, a controversial draft law on reforming the country's gas transportation system was rejected (Itar-Tass, July 24, 2014).

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Both bills were tied into the government's negotiations with both the EU and the IMF.

What Happens Next?

The national economy is in crisis, the political structures of the country are in disarray, all of which is occurring in the immediate wake of the Malaysian Airlines MH17 crash in Eastern Ukraine.

The two parties which left the coalition are The Neo-Nazi Svoboda party and the Centre Right Ukraine Democratic Alliance for Reform (UDAR) Party led by former champion boxer Vitali Klitschko.


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President Poroshenko (above) has intimated that the resignation of the cabinet has paved the way for a process of meaningful political restructuring: "Society wants a full reset of state authorities," said Mr Poroshenko.

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Chossudovsky has taught as visiting professor at academic institutions in Western Europe, Latin America and Southeast Asia, has acted as economic adviser to governments of developing countries and has worked as a consultant for international (more...)
 

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