Ukraine will have to repay 88 billion UAH (1 USD - 7.94 UAH) of its debts in 2011, Prime Minister Mykola Azarov said on the air at TV Channel 5, UKRINFORM reported.

He noted that of this amount, the Cabinet will have to repay, in particular, 4 billion UAH of the debt that was borrowed in the January-February 2010 under the "tremendous interest" - 28% per annum.

"We have to live with debts for another few years, because the loans that were made are forcing us now to borrow for not to cut social spending, not to reduce the country's development programs. But we borrow on completely different conditions (at low interest rates - ed.)," he said.

The Premier stressed that the government replaces expensive borrowings with cheaper, and in terms of settlement of accounts, 2012 and 2013 will be easier than 2010 and 2011.

The Prime Minister also noted that, to cover the budget deficit in 2011, it will be necessary 32 billion UAH less of borrowings than in 2010.

According to the Ministry of Finance of Ukraine, public and publicly guaranteed debt of the country in January-November 2010 rose by 30% to 411 billion 793.093 million UAH or 51 billion 876.177 million U.S. dollars.

Experts predict a rise in public debt in 2011 to 45% of GDP and its stabilization at around 40% in 2012 due to GDP growth (4.5% in 2011 and 7% in 2012).

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