OREANDA-NEWS. October 13, 2011. Prime Minister Mykola Azarov during a meeting of the Cabinet of Ministers has called initial steps to ensure financial stability in Ukraine during 2012.

On execution of the order of the President of Ukraine - to ensure the stability of financial system and increase its resilience to external risks - the Government is implementing a number of measures.

Firstly, according to Mykola Azarov, the Government will withstand a budgeted deficit the next year no more than 2.5 % of GDP. "However, we significantly reduce the proportion of exemptions in the budget to allow more financial resources for economic development," the Prime Minister has noted.

Secondly, as the Head of Government considers, it is necessary to significantly improve the foreign trade balance till the end of the year: there is a capability to increase foreign currency earnings from the proceeds of export of grain and to reduce costs at the expense of saving of power resources and revising of the price for gas.

According to Mykola Azarov, the third, the Government continues a program of cooperation with the IMF.

Mykola Azarov has noted that the government must be prepared for possible impacts of the global to the national economy. He described examples of the possible risks. "If France and Germany agreed on the reform of the euro area, will affect it Ukraine, for which a third of exports? Undoubtedly, it will touch. And now we should predict – how. If inflation in Great Britain has reached unprecedented before 6.4 %, and the Central Bank of the United Kingdom starts to prove necessity of the significant emmission of pound sterling, will affect it to international financial markets? Unconditionally, it will affect. And so on. I will tell endways, these are bad news," the Head of Government has reported.

At the same time, Prime Minister has emphasized that the Government has worked hard for situation stabilizing in the country, in particular financial, having reduced a budgeted deficit for one and a half year from 16 % to 3.5 %. "It very expensively was gave us," he has noted, having added that such thrift becomes an economic growth. "That is, the opportunity to restore jobs and raise wages and pensions and social benefits. Not as noticeable as one would like, but to increase," the Head of Government has stressed.