Pynzenyk: Ukraine won't draw external credits

Ukraine doesn't mean to draw external credits soon, Ukrainian Finances Minister Viktor Pynzenyk told journalists following a Wednesday session of the Government, Cabinet press office reported.

According to him, the Government buys hryvnia on the internal market everyday to lift inflation burden. If the situation changes, he stressed, Ukraine will take external borrowings.

He said the fiscal policy will be coordinated with the National Bank of Ukraine.

Earlier the Finances Minister tied the price growth on the internal consumer market with the policy of former government on the external borrowings market, which, as he said, adversely influenced the inflation dynamics in Ukraine.

As of mid November 2007 Ukraine drew UAH 2.525 million (1USD/UAH 5.05) or 42.1% of the annual plan from abroad.