16:49 GMT +306 December 2019
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    Ukrainian Economic Development Minister Resigns Over ‘Fighting System’

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    KIEV, August 21 (RIA Novosti) - Ukraine’s Economic Development and Trade Minister Pavlo Sheremeta confirmed his resignation Wednesday.

    “Instead of the next fight with yesterday's system, decided to concentrate on work with tomorrow’s people who will create tomorrow's system,” Sheremeta wrote on his Facebook page.

    Sheremeta told journalists Thursday that the reason for his resignation was the appointment Wednesday of a trade representative without his prior consent.

    Sheremeta has held the office since February 27. In late July, it was reported that Sheremeta was about to step down, but he later refuted media reports alleging his resignation.

    Under Ukrainian legislation, the parliament makes decisions on ministerial appointments and resignations.

    Ukraine is on the verge of a default, with the country’s authorities trying to rescue its economy with international loans.

    Ukraine is expected to receive a total of $27 billion from international donors including the International Monetary Fund (IMF), the World Bank, the United States and the European Union. More than half of the amount – $14 billion – is expected this year.

    Despite the ongoing political crisis and military conflict in Ukraine and its worsening economic prospects, the IMF refused to consider reassessing its loan.

    With the funds, Ukraine is expected to continue with austerity measures that were announced in February by Prime Minister Arseniy Yatsenyuk to secure a loan from the IMF in a bid to stave off mounting debt.

    For the IMF loan, Ukraine agreed to a severe austerity program that included shedding 24,000 government jobs, raising taxes, selling off state assets and withdrawing subsidies on natural gas.

    Tags:
    International Monetary Fund, resignation, Ukraine's Economic Development and Trade Ministry, Pavlo Sheremeta
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