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Azarov calls crediting policy of previous authorities unreasonable

November 16, 2011, 14:01 UTC+3
Ukraine cannot attract new credits permanently to pay off previous state debts, Ukrainian Prime Minister Nikolai Azarov said
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KIEV, November 16 (Itar-Tass) —— Ukraine cannot attract new credits permanently to pay off previous state debts, Ukrainian Prime Minister Nikolai Azarov said in his opening speech at a meeting of the government here on Wednesday. He noted that the country should begin “getting out from the deadlock gradually, where the previous state authorities made the country plunged into due to their unreasonable policy of social populism and a risky crediting strategy.”

“Certainly we can just go along the same path – to take credits, while they give it to us, namely credits to pay off previous credits, then the credits to repay these credits, and what result will be achieved? Up to nonsense?” Azarov said, calling this variant of development “absurd” and comparing the situation with that in Greece.

“Our state debt management strategy is the debt repayment thanks to the growth, which our economy begins to show finally, rather than at the expense of social expenditure cuts,” he pointed out. Azarov emphasized that starting from the next year the government intends to pursue the policy to reduce the state debts in proportion to the GDP level.

 

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