OREANDA-NEWS. June 15, 2010. The Government has launched a draft Law of Ukraine "On State Budget for 2011 and set the task to reduce the budget deficit to 4% and even to 3.5%".

Prime Minister of Ukraine Mykola Azarov said this today at the meeting with Budget and Financial Programming Commissioner of the European Commission Janusz Lewandowski.

"Now the Government is preparing a budget for 2011. I think we will be able to reduce the budget deficit to 4% and even to 3.5%. At least, the trends of economic recovery allow the Government to set such task", Mykola Azarov has said and added that the budget deficit for the current year is 5.3% of GDP.

The Prime Minister has informed the Eurocommissioner that within five months of 2010 the actual budget deficit is much lower than foreseen and is 1.4% of GDP. Therefore the task of reducing the deficit next year is real to implement.

Mykola Azarov noted that the Government has managed to stabilize the socio-economic situation, improve fiscal discipline, the financial standing of NJSC Naftogaz of Ukraine, submit the Budget and Tax Codes to the Parliament. Today, the Government focuses all its attention on holding system reforms.

"Ukraine has now the long-awaited political stability - the main condition for carrying out all necessary reforms", concluded the Head of the Government.