President to veto money printing to gain additional funds for fighting flu epidemics

President Viktor Yushchenko will veto the law on National Bank issuing 1 billion UAH to fight the epidemic of influenza because the law foresees money printing, said the President during a live phone press conference at the office of Komsomolskaya Pravda Ukraine newspaper, according to the press office.

President Yushchenko explained that the decision to veto this law does not mean he will provide recommendations on where to get the additional funds for the fight against flu epidemics because the source of money should be the budget, rather than the National Bank printing it.

In particular Yushchenko said that 2009 State Budget today lacks thirty percent of revenues. According to him, the Prime Minister can not afford financing even urgent issues. Therefore, the President stressed, according to the Prime Minister the only way to finance the flu fighting campaign is to print additional money.

However, Yushchenko stressed, such a step would inevitably lead to the devaluation of the Hryvnya. "When it comes to emissions, the Prime Minister has the right to initiate the law, the Parliament can approve it, but I will always veto it", said Victor Yushchenko.

According to the President, the Parliament can overcome the veto but then the truth should be told that the issue of money is happening. "Taking chances of the money issue means declaring beginning of national currency devaluation", stressed the President. "I will not be the author of such a policy. I will resist it as long as I can", he added.