Ukrainian President Viktor Yushchenko has said he is concerned over the annual growth in the country's state debt.
He made the comment in Kyiv on Thursday at a meeting with leading scientists and experts in problems related to the financial and economic crisis, and prospects for economic development.
Yushchenko said that the state debt totaled UAH 90 billion as of January 1, 2009.
“The debt will reach UAH 193 billion as of December this year, while as of December next year the government is planning [to increase the debt to] UAH 343 billion,” he said.
“The only [institution] that can lend [funds to the government] is the National Bank [of Ukraine]… In other words, it [the bank] has to switch on the money printing presses,” he said.
Yushchenko said that the servicing of UAH 343 billion worth of debt in 2010 would be larger than the financing of national education, the medical sector and defense.
