The Cabinet of Ministers of Ukraine has empowered Finance Minister Yuriy Kolobov to borrow on foreign markets in 2013.

The decision is stipulated in cabinet resolution No. 21-r of January 16, 2013.

"Finance Minister Yuriy Kolobov is instructed to carry out government borrowing on foreign markets in 2013 within the limits foreseen in the law on the national budget of Ukraine for 2013 and under the conditions defined in a cabinet resolution, as well as sign the agreements required," reads a document posted on the government's Web site.

As reported, according to the 2013 budget, Ukraine plans to increase government borrowing to the general fund of the national budget to UAH 129.4 billion, with a reduction of foreign borrowing to UAH 36.5 billion. The borrowing target for January amounts to UAH 12.35 billion.

The cabinet predicts that general payments on the state debt in 2013 will grow to UAH 116.1 billion, including UAH 2.31 billion in January to service the debt and UAH 930 million to pay the principal of the debt.