30 June 2015 The Federation of Employers of Ukraine
The FEU Calles On President And Parliamentary Faction Heads To Dismiss Cabinet Of MinistersThe business has called on Ukrainian President and co-chairmen of the parliamentary factions to dismiss the government, according to the statement of the FEU Council Presidium.
"The incumbent Ukrainian government's policy directed against the people and against Ukraine has caused an undeclared default in the country. The result of the government's unprofessional activity is that for the first time since the introduction into circulation of the hryvnia, gross external debt has exceeded GDP [over a year] and was to 110.5%.
During of the government's work, Ukraine's state debt has tripled to UAH 1.4 trillion, while the outflow of foreign capital amounted to $16 billion, export revenue shrank by $14 billion", the Presidium of the FEU Council said in an open letter.
The Federation of Employers emphasizes that unprofessional government's policy has caused an undeclared default in the country. The total external debt of Ukraine constitutes 110.5% of its GDP. A further attraction of credits may lead to a situation when for the repayment of debt Ukraine would be forced to give land and strategic enterprises.
“The Federation of Employers of Ukraine is demanding urgent resignation of the government and changes to the government's economic policy”, was stressed in the statement.
"The government does not fulfill obligations to the Ukrainians, and shifts the responsibility for their mistakes to their shoulders. In fact, the government has already defaulted Ukrainian people. Consumption is already higher than the subsistence minimum and pensions. And no one is indexing pensions and wages. Real incomes declined twofold, while prices rose twice", said the President of the Federation of Employers of Ukraine Dmitry Firtash at the meeting of the FEU Council Presidium.
Besides this, the FEU Council Presidium said that the introduction of a moratorium on privatization during the crisis period, halting borrowings, which are to be replaced by investment, are able to stabilize the situation in Ukraine. Also all the government decisions involving economic activity should undergo expert examination.
"When the government says that a default will not affect the country, it's not true. There may be many problems. Today, the economy is in dire straits, the entire burden was placed on companies, households. The government does not hear either businesses or trade unions. Therefore we call on the President and the chairmen of the parliamentary factions to dismiss this government. The sooner they hear us, the faster the state will see policy of creation rather than destruction. Ukraine needs a prime minister who will protect the interests of his people, his government and businesses. Businesses are ready to lend their shoulder to such a prime minister," said Dmitry Firtash.
In addition, the participants of the meeting stressed that there were remaining unresolved issues of corruption and the state debt owed to businesses was estimated at UAH 100 billion. The situation is aggravated by the fact that the number of the unemployed has increased by 1 million people over the year.
The appeal that was adopted at the end of the meeting also states that the FEU is demanding a moratorium on privatization at a time of default on the country's debts because many of the 300 indebted companies that are being prepared for privatization will be sold at prices far below their real value. "I am for the sale of enterprises because the state cannot be a good manager, but privatization shouldn't take place amid crisis and default," said Dmitry Firtash, the FEU President.
The Federation of Employers of Ukraine is also demanding urgent changes to the government's economic policy. The FEU is demanding a radical revision of the country's economic policy and replacement of the policy of debt increase with a policy of attracting investments into the economy. The appeal also states that the business community should conduct an expert assessment of all the legal acts regulating business activities.
The FEU consists of about 8,500 enterprises generating 70% of Ukraine’s GDP and employing more than 5 million people.
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