For months, senior Ukrainian officials have been claiming that the Ukrainian government has done everything the International Monetary Fund (IMF) could possibly demand. Investment banks and brokerages that hawk Ukrainian bonds have cheerfully promoted these statements. They have speculated that Ukraine would receive its next IMF tranche during the first quarter of 2021, or at the very latest, in the following months. Unfortunately, this happy talk was always detached from reality. I made that point back in November 2020.

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