Monday, March 15, 2010

Ukraine does not face default, Finance Minister Fyodor Yaroshenko said

KIEV, March 13 (Itar-Tass) - Ukraine does not face default, Finance Minister Fyodor Yaroshenko said.
Speaking at a news briefing on Saturday, Yaroshenko said the previous government concealed that the state’s “financial system is on the brink of collapse”.
The minister spoke about the deficit of funding on the united treasury account under the premiership of Yulia Timoshenko. “The total scarcity of funds of the Pension Fund exceeded 25 billion grivnas (over three billion U.S. dollars). Only credits may save the country. And the government took credit by ignoring to understand what resources can help to pay credits,” Yaroshenko noted.
The minister informed on the work on a programme to stabilise the financial situation. “We have big experience during crises. All problems will be solved properly,” he added.
The Finance Ministry has pledged to pay pensions and wages in time. “We do not allow any breakdown in the state’s financial system. It is the matter of honour,” Yaroshenko stressed.
The minister added that the 2010 draft budget would be submitted to the parliament in April. “The draft budget will be submitted in due date – the beginning of April,” he said.
The government dismissed the leadership of the Pension Fund and the State Treasury.