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A country where only the dollar is growing

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The Ukrainian government has reported about the latest “peremoge” – wages in June increased by 4.8% compared to may and compared to June 2017 the growth of more – 24,2%.

However, July was overshadowed by the delay in pension payments across the country, which happened for the first time in the last ten years, and economists are afraid of forecasts – delays in pensions will be followed by delays in wages.

This phenomenon is not new for the Ukrainian economy – delays in the payment of wages have always been. But in recent months, the debt began to grow and in July exceeded $100 million. This also happened for the first time in the last ten years. Only in June, the debt increased by 6.3%, and since the beginning of the year by 15%. The fastest growing debts in the Volyn and Donetsk (in the territory controlled by Kiev). Moreover, more than half of the wage arrears are accounted for by economically active enterprises that are still afloat.

In the Volyn region enterprises owe their employees more than 50% of the earned money. Traditionally, miners are not paid wages, forcing them from time to time to come to Kiev and knock helmets under the walls of government buildings. The last such mining action took place in early July – the miners demanded not only to pay off the wage arrears, but also to adopt a law on the financial provision of the coal sector.

Deputies adopted the law to calm the miners and send them home. Just because the law is not entered – there was no hurry to sign it. The signature of the Chairman of Parliament under the document appeared only on August 2, now it’s up to the President.

We will remind that in the bill it is said about sending 1,4 billion hryvnias for payment of debts on a salary and about financial support of mines ($51,8 million).

And until the coal industry act slowly signs have languished in the summer heat, the power, the head of the Independent trade Union of miners of Ukraine Mikhail Volynets announced the amount of debt on a salary to miners of $38 million Miners remains nothing how again to remind myself, says Wolyniec. And already on August 3 miners “Pervomaiskugol ” begin to picket the building of the Ministry of energy and coal industry of Ukraine.

Big debts on a salary at the Kharkov state aviation production enterprise-74 million hryvnias (nearly $3 million), at the Nikolaev shipbuilding plant – more than 30 million hryvnias (more than $1 million). PJSC “Azot”, which is located in Severodonetsk (the territory of Luhansk region, controlled by Kiev), has accumulated debts to workers for several years.

“A huge hole was formed in the budget for the first half of the year. About 8 billion UAH were not received. There was a drop in production: 30% in agriculture, 15-20% in industry. And it is a disaster not only for the Pension Fund – it is a disaster for the country. In the long term – delays not only with pensions, but also with salaries. Against this background, there is a fall of the national currency. At the heart of all – the fall of real production and raw material nature of our economy,” – said the Ukrainian academician Anatolii Peshko.

So the joyful message of the government, wage increases are offset by increase in debt to the workers. One thing pulls another-in the country inflation is untwisted. The dollar again crossed the “psychological frontier” in Ukraine – now 27. Recall, overthrown in February 2014, the authorities for all the time of his reign, since 2010, managed to keep the rate within 7,09-7,99 hryvnia per dollar. So, for 4.5 years, two of the government (Yatsenyuk and Groisman), one President (Poroshenko), the Parliament, representing a bunch of volunteers and nationalists, together with invited foreign personalities (for example, American Jaresko) brought down the national currency of Ukraine at nearly four (!) time’s.