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Automatically translated version. May contain inaccuracies compared to the original.
📦 Yesterday this exchange somehow went unnoticed, where government representatives warned that without canceling the parcel exemption there would be no money for salaries.
And this is an interesting exchange. The Finance Ministry hasn’t really shown this kind of firmness before in cancelling various populist measures, and it’s also been silent about other obligations… like the reboot of the State Bureau of Investigations 🤷♂️
🧮Danylo Hetmantsev: Tell me, please, when will you… I mean, you probably felt that, or rather, how… Members of Parliament didn’t quite grasp your decision to cut expenditures or postpone them to December. When will everyone feel it? When will the whole country feel it? When will salary delays happen?
🏦Serhiy Marchenko: Danylo Oleksandrovych, well, our task is to prevent that, because we have an option to prevent it by voting for the specified bills. So I hope it won’t come to salary delays, because that would truly be a financial catastrophe that would be hard to explain.
🧮Danylo Hetmantsev: Well, but if we, say, stay in the same position, and they fail again, is there such a possibility?
🏦Serhiy Marchenko: Certainly.
🧮Danylo Hetmantsev: Thank you. Thank you, Serhiy Mykhailovych.
🏦Serhiy Marchenko: I just wanted colleagues to understand the consequences. The issue isn’t that we might delay something. A delay will provoke certain social unrest, and as a result of that unrest there will be other steps and actions. We do not rule out the possibility of monetizing the budget with the corresponding devaluation of the hryvnia, inflation, and all other negative consequences. So one must understand that sitting and waiting for money to arrive isn’t something we can do. We will respond to the massive social pressure that will arise. Well, with the corresponding loss of any ability to communicate with international creditors. One must also understand that an IMF program, which currently underpins macrofinancial stability, would be impossible with emission financing.
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