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Ukrainian president proposes $8.6 bln stabilization fund

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Ukrainian President Viktor Yushchenko proposed on Wednesday setting up an $8.6 billion stabilization fund in 2009 to help troubled banks repay their foreign debt.
KIEV, November 12 (RIA Novosti) - Ukrainian President Viktor Yushchenko proposed on Wednesday setting up an $8.6 billion stabilization fund in 2009 to help troubled banks repay their foreign debt.

Under anti-crisis legislation passed by the Ukrainian parliament in late October as part of the International Monetary Fund's conditions for a $16.5 billion standby loan the stabilization fund will be established with the proceeds of privatization deals.

The president also suggested that revenue from the lease of state property, dividends from state enterprises' shares and a part of state enterprises' profits could be also poured into the fund.

The Ukrainian government is due to approve the conditions for the fund's spending within a month.

The financial crisis has seen Ukrainians rush to withdraw their savings, fearing banking collapses. More than $3 billion were pulled out of banks in October.

Ukraine's economy has been hard hit by the global credit crunch, along with the falling price of steel, a key national export.

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