OREANDA-NEWS. November 15, 2013. Implementing the task of the President, the National Bank together with the Government have to take measures in the direction of reducing sums of financial resources and ensuring of availability of long-term credits targeting development of economics. Prime Minister Mykola Azarov emphasized during a session of the Cabinet of Ministers.

He reminded that such task had been set by the President the day before in the course of a meeting with representatives of the Union of Industrialists and Entrepreneurs, leaders of large industrial enterprises and also Federation of Trade Unions of Ukraine.

“Yesterday the President of Ukraine suggested the National Bank together with the Government should take measures targeting to reduce the cost of financial resources and ensure availability of long-term credits directed to modernization of enterprises. The National Bank has to ensure maximal effectiveness of applying a mechanism of interest rate in order to revive financing of real economic sector. Cheaper funds for real producers mean support of long-term growth and, consequently, future profits of banks. The banking system must realize that, at last. And we will help to achieve that,” Mykola Azarov said.

The Head of Government stressed that absence of available long-term loans for the real economic sector hampered the development significantly.

“How can we compete with, let’s say, producers from the countries of the European Union if their rate on credit is 1.5 % and ours is over 20%? How can we upgrade the economics when our credit support of high technological branches and technical re-equipment is practically zero? In plain language the economy falls short of hard cash,” Mykola Azarov highlighted.