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Ukraine determined to cut national debt

      RBC, 14.12.2010, Moscow 18:03:15.Ukraine is poised to cut its national debt from 32.1 percent to 30 percent of GDP in 2011, Ukrainian Finance Minister Fyodor Yaroshenko announced today while presenting the country's 2011 budget. According to the minister, the amount of public loans is projected to reach $11.5bn in 2011, showing a 30.4-percent decrease compared to 2010.

      Funds raised from public loans will be used to finance the country's development programs and repay the debts of the previous government.

      Ukraine's consolidated budget revenues are estimated at $45.3bn. Federal budget revenues will amount to $35.1bn, while local authorities are expected to raise the remaining $10.2bn. Public spending should amount to $41.4bn.

      The budget deficit is expected to fall to 3.1 percent of GDP, or $4.8bn.

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