The VAT bonds are there!
http://www.ukrinform.ua/eng/order/?id=188959
A 5% interest rate is better than nothing, but still ridiculously low. Given this low rate, the government now has an incentive to stop reimbursing VAT altogether - it's the cheapest way to finance any deficit. As research has shown, if you put a small fine on some bad behavior, people will do more of the bad behavior as they then feel that paying the small fine makes the bad behavior ok.
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