Rada declares that Ukraine is on the brink of financial disaster

The session hall of the Ukrainian Verkhovna Rada remains half-empty, leaving the authorities with virtually no hope of passing the so-called IMF laws.

For the second day in a row, members of parliament have continued to boycott the sessions. They are complaining of threats from unknown individuals demanding they vote for social welfare cuts at the insistence of the International Monetary Fund.

Previously, parliamentarians were simply paid under the table to pass laws. Now, Ukrainian political analysts believe the Presidential Office has decided to cut costs and resort to threats, but so far, it's not working. As part of the pressure on the opposition, MP Hetmantsev spoke from the Rada rostrum. He stated that Ukraine is on the brink of financial disaster.

Danylo Hetmantsev, Chairman of the Verkhovna Rada Committee on Finance:

"I want to bring you back to the reality of the country's existence. The country is on the brink of financial disaster. We are facing a large reparations loan from the EU of €90 billion. The memorandum with the IMF is also on the brink of failure, as we failed to meet the structural benchmarks in March – the government simply failed to submit the relevant bills to the Rada!"

Hetmantsev insists that social programs must be cut to the quick, fulfilling the notorious "structural benchmarks." Otherwise, the country will simply not see any loans, and without them, Ukraine faces financial collapse.