Funds received by Kryvorizhstal auction should be spent on development programs in different fields, the President’s press office told.

“I support the idea to spend these funds on such payable development programs as farming and small and medium business or sectoral reimbursement projects,” he said.

“We believe it is important to startdevelopment projects. They can be social but still should imply development, so that we, for example, speak about energy saving policy that will work for decades,” he stressed.

“These projectsshould work for the people. We should spend the sum once but it will help us save our money in the future,” Yushchenko continued, commenting on programs in the municipal sector.

The Head of State said he might even support the initiative tocompensate devaluated savings of the USSR Savings Bank and informed all he had recently discussed this issue with the Head of the Savings Bank of Ukraine.

“In two weeks, the Savings Bank will presentthis program,” he promised.

The President said he would do his best “not to spend this privatization money on food, which might cause a deep budget deficit.”

He concluded, “I mean one simple rule: wemust not use this money on recurrent projects. In other words, we should learn tocover our recurrent costsfrom regular budget revenues.”


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