14:58 11.12.2014

Yatseniuk links hopes on maintaining Ukraine's forex reserves with new loans

1 min read
Yatseniuk links hopes on maintaining Ukraine's forex reserves with new loans

Ukraine's international reserves dropping lower than $10 billion could be maintained in the near term only thanks to the raising of new loans from international partners, Ukrainian Prime Minister Arseniy Yatseniuk has said.

"There are no grounds that they [reserves] will expand, excepting for the signing of the next agreement with our creditors," he said, presenting the government action program in the Ukrainian parliament on Thursday.

The premier also said that measures to stabilize the banking system should be urgently taken jointly with the National Bank of Ukraine (NBU), as the quick hryvnia devaluation resulted to a jump of inflation to 20%.

Commenting on the forecast of the pace in GDP this year, Yatseniuk confirmed the earlier presented assessment – a decline by 7%.

He also said that the energy tariffs should be increased to cut the deficit of national joint-stock company Naftogaz Ukrainy financed from the national budget, which this year reached UAH 110 billion (around UAH 2,500 per resident). The budget deficit amounts to UAH 68 billion or 4% of GDP.

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