Ukrainian Prime Minister Groysman: Ukraine has spent 4.5 billion euros to clean the banking system

Ukrainian Prime Minister Volodymyr Groysman stated in at a meeting in Copenhagen that Ukraine has spent €4.5 billion ($5.2 billion) on cleansing the country’s banking system, which has been bogged down with large debt payments and military spending.

According to Groysman, the State will have to pay off $33 billion of debt in the next five years.
“We have carried out the cleansing of the banking system, and it cost us 4.5 billion euros. In the next five years, we need to disburse $33 billion,” UNIAN quotes Groysman as saying.

Prime Minister noted that servicing Ukraine’s public debt, which was accumulated for the most part between 2007-2013, costs the country $5 billion a year, a figure which nearly corresponds to the defense budget.

From 2014 to 2017, the National Bank of Ukraine decided to liquidate 97 financial institutions. During this period, the Deposit Insurance Fund paid out nearly UAH 90 billion ($3.4 billion) to account owners of the liquidated banks.

  Ukraine, banking sector, Groysman