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A total of UAH 20 billion needs to be allocated from the 2009 national budget to raise the minimum level of wages and pensions, and this amount of money is realistic for the country's budget, said Mykola Azarov, one of the leaders of the Regions Party.

"UAH 8 billion is needed to ensure an increase in the minimum pension and UAH 12 billion [is needed] to raise minimum wages. Totally, this is UAH 20 billion... Is it realistic for the budget? It is, absolutely," he said at a press conference at Interfax-Ukraine on Friday.

In his words, UAH 5.3 billion, which is proposed by the government to be earmarked for NJSC Naftogaz Ukrainy, could be channeled into raising the minimum wages and pensions. He also said that UAH 18.6 billion foreseen for an increase in Naftogaz's charter capital could be also spent on this purpose.

In addition, Azarov suggested cutting the expenditures foreseen for the maintenance of government officials and cover representative expenses. As a result, he said, UAH 1.5 billion could be funneled into raising social standards.

"The government has received $1.5 billion in loan funds from the International Monetary Fund, sent directly to its account, and transferred these funds in the equivalent of UAH 11.5 billion to its general fund. This could be also added to that sum," he said.