President Viktor Yushchenko has said there will be uncontrollable inflation in the country if the National Bank of Ukraine performs emission for coverage of the national budget deficit.
Yushchenko gave this position in his speech at the forum “Government and Business – Partners.”
“What is the emission of the National Bank? This is inflation, which won’t be controlled by the government, and the second consequence will be the growth in interest rates,” Yushchenko said.
President Viktor Yushchenko further said the sum of credits to the economy fell by UAH 2 billion in the January-April period.
“We live four months and the total sum of credit to the economy falls by UAH 2 billion,” the president said.
Yushchenko said the Cabinet of Ministers must revise the national budget for 2009, so as to introduce realistic macroeconomic forecasts and give up too optimistic and apparently non-executable target of revenues to the national budget.
As Ukrainian News earlier reported, the Secretariat of the President has expressed its concerns over possible plans of the Cabinet of Ministers to cover the deficit of the 2009 national budget for uncontrollable emission.
