Ukraine's Cabinet wants to reduce state debt to 60% of GDP by 2020 – finance minister

Ukraine's Finance Minister Oleksandr Danyliuk says the Cabinet of Ministers of Ukraine plans to reduce the state and government-guaranteed debt from today's 72% to 60% of GDP by 2020.

"We plan to reduce the debt to about 60% by 2020," the minister said in the Verkhovna Rada, Ukraine's parliament, on April 6.

At the same time, he urged deputies to adhere to the policy of reducing the state debt.

Read alsoUkraine's foreign reserves shrink by 1.2%, to almost US$18.2 bln in March 2018 – central bank"When it comes to passing the law on the medium-term budget planning, no longer in a pilot mode, but as a base for the years to come, I ask the parliament to support it, because it is through such legislation that we can strengthen financial system stability and get out of the debt hole," the minister added.

Danyliuk reminded that the country's state debt dropped from 81% of GDP in 2016 to 71.8% in 2017.

"This is the result of the state consistent policy on strengthening the financial system stability and reducing the debt burden," he stressed.

UNIAN memo. Ukraine's state and government-guaranteed debt, estimated in U.S. dollars, rose by 7.5%, to $76.3 billion in 2017, while it grew by 11% in the hryvnia equivalent, to UAH 2.1 trillion.