Ukrainian PM says 2012 budget to be drafted with minimum deficit
KYIV. Aug 10 (Interfax) - Ukraine's 2012 budget will be drafted with the minimum deficit to increase the stability of the financial system of Ukraine, according to Ukrainian Premier Mykola Azarov.
"The Finance Ministry is finishing work on the draft national budget for 2012. The budget should be composed with a large margin of safety. Figuratively speaking, we should create a protective dam against possible challenges and risks on the international market," the premier said, opening a cabinet meeting on Wednesday.
"The budget should be highly frugal. The budget deficit should be minimum and expenses should focus on social protection and formation of reserves and resource, which will allow surviving difficult times," he added.
He said that it is important to bolster domestic production and consumption, using any ways.
"Each expense entry should be thoroughly analyzed - how it will increase production in Ukraine, how it will expand consumption of Ukrainian goods and services and how to provide for the worthy replacement of imported goods by goods produced in Ukraine," the premier said.
Azarov said that the Economic Development and Trade Ministry is finishing the drafting of a program on imports replacement.
The premier ordered to define concrete projects on imports replacement, which the state will support, through holding consultations with market players.
"We're capable to produce both diapers and agricultural machinery," he said.