You're reading: Pynzenyk: Ukraine’s debt to hit Hr 700 billion next year

 The policy being conducted by the Ukrainian government will lead to the growth of Ukraine's debt to UAH 700 billion by the end of 2014, UDAR Party MP and former Finance Minister Viktor Pynzenyk has said.

 He said that the Ukrainian authorities are currently trying to present the receipt of a $15 billion loan from Russia to the public as a great victory.

“I’d like to prepare a draft decree ‘conferring the Hero of Ukraine title for an outstanding contribution to seriously increasing the debt loop of Ukraine and its citizens,'” the party’s press service quoted Pynzenyk as saying on the Shuster Live program late on Friday.

He said that the Ukrainian authorities are resorting to terrible steps.

“Yesterday [on December 19], the Finance Ministry raised a loan of $184 million for eight days and EUR 50 million for six days,” Pynzenyk said.

He urged the government to stop building up the debt.

“In early 2008, Ukraine’s debt was UAH 89 billion. Today is stands at UAH 550 billion, and according to my forecasts, given the budget that will be adopted, Ukraine’s debt will reach UAH 700 billion by the end of next year,” he added.