Drop Ukraine’s debt now

There is a simple thing Western governments could do to support Ukraine — cancel its debts to governments, banks and financial institutions.

Before the war Ukraine’s foreign debt stood at £95 billion. The debt-servicing expenditure for 2022 was expected to be £4.6 billion — about 12% of all state expenditure. Ukraine is a poor country (GDP per head only one-third of the EU’s poorest country, Bulgaria), and now will be devastated by war.

The fact that Western governments have not taken this obvious step says a lot about their priorities in the world. They have been working hard to impose and deepen neo-liberal reforms in Ukraine — both collaborating with and pushing its pretty right-wing government. In November the openDemocracy website exposed the UK government’s activities supporting attacks on workers’ rights in Ukraine.

Ukraine’s trade unions have called for the abolition of its debts, and the demand is being championed by the left organisation Social Movement.

For more see the Brexit Spotlight website and the explanatory notes on the petition here. Please also use Another Europe is Possible’s tool to write to your MP.