Ukraine aims to reduce public debt below 50 per cent

Ukrainian finance minister Oksana Markarova has said that the Ukrainian government wants to reduce the country’s public debt to below 50 per cent of GDP.

Reacting to campaign promises made by candidates in the country’s approaching presidential election who said they would reduce state budget expenditures to 35 per cent of GDP, Ms Markarova said the government had already exceeded figures included in the country’s current financial strategy.

“We have now set new, more ambitious goals – a government debt below 50 per cent of GDP, a deficit below 2.2 per cent and budgeting for three years with new rules and full cost reviews that not only to reduce costs, but use each hryvnia to provide more services to our citizens,” the finance minister wrote in a statement.

Earlier, Ukrainian media reported that Ukraine’s budget deficit fall to 1.7 per cent of GDP last year, with the country’s public debt falling to 60.9 per cent of the GDP in 2018.