Tuesday, October 21, 2008

President makes suggestions on minimization of world financial crisis influence on Ukraine

Speaking at today’s NSDC meeting about ways of minimizing influence of world economic crisis on Ukraine President Victor Yushchenko said that there are four major challenges connected with that: revision of budgetary policy and state financial system, overcoming crisis in banks liquidity, economic recession, and negative balance of payment.

According to President Yushchenko state budgetary policy should be revised particularly in expenses. Here President suggested reduction of State machinery on all levels of government.

Speaking about banks liquidity President said that it is important to elaborate proper re-financing plan for banks and to increase state-guaranteed payment to depositors to 100 thousand hryvnyas with strengthening State Deposit Guarantee Fund’s financial capabilities by 1 billion hryvnyas for that.

Beside that President Yushchenko pointed to importance of NBU conducting transparent and logical monetary policy and suggested that 2009 State Budget included a separate Stabilization Fund for its resources to be used for supporting enterprises that suffer decrease in demand for their production due to world financial crisis.

Summarizing the subject President stressed opinion that those present should forget about political misunderstandings and focus on elaborating a well thought out anti-crisis plan.