Ukraine will try not to exceed the level of public debt of 40% of GDP, Vice Prime Minister for Economy Serhiy Tihipko told the BG Capital investment forum in Kyiv Thursday, UKRINFORM reported.

"A debt of 40% of GDP - we understand how critical it is," he said and added, "We are not going to increase this debt."

According to Tihipko, Ukraine plans to undertake a series of tough measures to prevent an increase in its national debt.

Speaking in an interview with the First National TV Channel recently, Prime Minister Mykola Azarov said that the Government intends to cover short-term loans taken earlier with new long-term loans at lower interest rates.

Earlier, Ukrainian League of Industrialists and Entrepreneurs President Anatoliy Kinakh admitted that by the end of the year the consolidated public debt of Ukraine may reach a critical point of 40% of GDP.

This forecast, he said, coincides with the calculations of the World Bank and International Monetary Fund experts.

As reported, the public and publicly guaranteed debt of Ukraine on July 31 totaled $45.87 billion, which is 6.5% more than at the end of June 2010.

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