Pynzenyk: Outgoing year was year of 'wandering between stability and prosperity'

The outgoing year was a year of wandering between stability and prosperity, former Finance Minister and deputy head of the UDAR faction in parliament Viktor Pynzenyk has said.

"We were led first to one river bank and then to another, but we were not led to stability or prosperity. Notwithstanding daily statements by the government regarding economic growth, the economy began to decline," reads a statement released by the MP's press service on Friday.

"Production shrank for the second consecutive quarter. A slight increase this year is possible thanks to the positive results of the first two quarters. However, this figure will be far from economic projections that were taken into account at the beginning of the year when calculating the budget. But the main thing is that the positive dynamics of the economy, unfortunately, is already in the past," Pynzenyk said.

He also noted the escalation of fundamental problems in Ukraine. In particular, the trend of growth of the budget deficit was restored, the "vicious practice of living in debt" is strengthening, and the opportunities for servicing the debt worsened in 2012, because "it's more difficult for the government to borrow money."

Pynzenyk said that the outgoing year had not added optimism to investors. The problem with the exchange rate, which, with the existing imbalances and the absence of proper professional activities, is hard to predict, also remains a factor of risks.

"It does not help realize the fundamental thing for any economic activity - compare revenues and expenditures," he said.

"The year has not become the necessary breakthrough for the country. The current situation requires professional, competent and honest actions. The country and its government must learn to live within their own means. We should give the country and the world a signal that we will stop living in debt, that we will remove obstacles to doing business, that we are ready to move, and that we know where we have to move. Then any further year will not be a year of wandering for us," Pynzenyk said.