Viktor Pinzenik said about this on Monday, at the presentation of the public report on the implementation of budget programs for the past year.
At the same time, the minister pointed out that the previous government used foreign borrowings while having huge privatization revenues. To quote him, "having incredible privatization revenues of up to 9.4 billion grivnas (about $1.74 billion) for the past year alone, the government nevertheless resorted to home and foreign borrowings amounting to 10.3 billion grivnas" (about $2 billion).
In the minister's words, most funds were borrowed from foreign creditors.
According to Viktor Pinzenik, Ukraine's total debt to the creditors has grown from 77.5 billion grivnas to nearly 88 billion grivnas (with one dollar being roughly equivalent to 5.3 Ukrainian grivnas).
"Whereas the total debt gives rise to no particular doubts, the situation is opposite as regards a steep increase in guaranteed debts, including $800 million for the construction of a fly-over, $150 million for the creation of the Tsiklon-4 space rocket complex, $480 million for modernizing the Kiev-Odessa motor road, and $107.5 million granted as a loan to the Yuzhmash engineering plant," the minister said.
He also noted that in the near future the government would conduct an investigation into the use of these loans.
