George Soros targets for reforms and financial aid to Ukraine

George Soros is a billionaire and investor. Soros is the chairman of Open Society Foundation and the Soros Fund Management. He has been a big supporter that Ukraine should seek Western assistance. Ukraine has been thrown into a huge chaos since 2014. There was a political upheaval after the country ushered in a new government and Russia invasion to the eastern part of the country. Russia backed up activists that resulted in an intense violence in the eastern part of Ukraine.

Given the political and military crisis experience on It caused most of the country’s businesses and the Ukrainian economy went to a downfall. As early as 2015, Soros has written several commentaries in the New York Book Reviews. The commentaries have a solution to the public debt crisis, the banking crisis and balance of payment crisis experienced in the country.

Soros’ main viewpoint is that Europe should treat the current situation in Ukraine as a critical one. Russia is going to try to subvert any efforts for reforms in Ukraine. Europe should know this and counter-attack Russia’s ambitions. Reformists should be given adequate tools they needs so as to succeed easily. While this seems a simple solution, Soros argues that it is the simplest and most effective way to solve the current situation. He goes ahead to note that stakes are high for the European continent who should stop and listen to ideas put forth by different committees. George Soros main point is that there should be a new Ukraine on, he can however not provide all the funding himself. He wants all the relevant actors to come together and create a better cause.

Read more: Europe’s Ukrainian Lifeline

The Ukrainian government has been pushing for reforms for a long time. The reforms plans at fighting corruption, reviewing its judiciary system and improving agricultural functions in the country. The country aims at cleaning its banking system, incorporating its economy to the EU and freeing itself from Russian gas. George Soros notes that one difficulty the country has faced over the years has been that of debt relief. The country should go for debt relief causes in simple ways so that it is good for their business.

History has shown that efforts made by policy makers and academically qualified professionals to have a debt restructuring mechanism have been difficult to take off in the past. The situation has not been pleasing for Ukraine as it has interfered with the country’s reputation on its bankruptcy code. Soros continually argues that Ukraine should get a debt relief in order to rebuild itself to a totally new state.

George Soros is a wise investors who understands the economy quite well. He believes that Ukraine will be able to fully repay its financial aid once its economy has stabilized. He knows that the current problems experienced by the nation are temporary. Soros notes that the European Union is confronted by Russia who is a strategic rival. Apart from financial aid, the European Union should provide an additional technical assistance so that Ukraine could free itself.