From 2012 the government will start reducing the state debt of Ukraine, Prime Minister Mykola Azarov said opining today's Cabinet's meeting.

"Following 2008, state debt exceeded 30%, still two years ago, every second hryvnia was borrowed for 1-2 years under great interest rates. In 2010-2011, we had to borrow the funds in order to return previous debts. From 2012 Ukraine will start an absolute reduction of state debt," Azarov said.

According to the Finance Ministry, state debt of Ukraine as of September 5, 2011, reached UAH 360.5 billion (USD 1/UAH 7.97), whereas maximum amount of state debt for the end of this year makes up UAH 375.6 billion.

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