Saturday, July 19, 2014

Ukraine announces largest privatisation plan in 20 years

Ukrainian Prime Minister, Arseniy Yatsenyuk, has announced that: “Ukraine will experience the largest privatization plan in its history” in the name of fighting corruption.

Cutting off the leg to save the foot

The government of Ukraine will look at a draft law next week, which proposes the “largest privatization plan” in the country’s history. This was announced by Prime Minister Arseniy Yatsenyuk at the agrarian forum.

“Next week, the government of Ukraine will discuss a bill that will consider a draft law on the list of government entities that are not subject to privatization. After this, we will announce the most ambitious privatization in 20 years," - he said according to ITAR-TASS. The largest producer of alcohol in Ukraine - the company "Ukrspirit" - will be given to the private sector, along with a number of other state-owned enterprises, "which are sources of corruption, not the development of Ukraine."

The energy minister Yuri Prodan (which ironically means “sold” in Ukrainian) announced the privatization of all the energy resources with the exception of some pipelines and ministry offices. The government later added that the plan included the privatization of its 50% stake in Ukrneft (state oil company) and 75% stake in Turboatom (hydroelectric plant). Also included was the Odessa port factory along with several mines.

What Yatsenyuk is proposing "to combat corruption" is the very cause of Ukraine losing 60% of its industrial capacity since the fall of the USSR. Once possessing one of the leading economies in the world, Ukraine has been reduced to a nation with staggering amounts of unemployment and poverty.

Complete story at - Ukraine announces largest privatisation plan in 20 years

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