Ukraine proposes govt bonds to pay for Russian gas

KIEV, July 17 (Itar-Tass) -- A senior Ukrainian official proposed to
issue external government bonds to raise the authorized capital of
Naftogaz Ukrainy and pay for Russian gas to be pumped into underground
storages for further transit to Europe in winter.
Deputy head of the presidential secretariat Alexander Shlapak said on
Thursday Naftogaz does not need to look for credits.
Instead an issue of government bonds worth 2.5 billion dollars will
increase the authorized capital of the company, which will be sufficient
to pay for gas.
But Shlapak admitted it is necessary to amend the 2009 budget for the
purpose and introduce legislative changes.
Shlapak blamed the government for failing to meet the 2009 target
figure of 2.6 billion dollars for the stabilization fund and said only 80
million dollars of privatization proceeds arrived.
In the meantime, the Ukrainian fuel and energy ministry said the
transit of Russian gas to Europe fell 41.5 percent in the first half of
2009 against the same period last year and comprised slightly above 37
billion cubic meters.
The ministry explained the drop by decreased consumption in Europe
because of the economic crisis.
Opposition leader Viktor Yanukovich said on Thursday national
authorities "went bankrupt".
"The coalition in parliament collapsed, ministers flee the government
and corruption scandals regularly occur. Authorities got addicted to
foreign loans and the country survives only due to them," he said in a
statement.
"Bankruptcy of authorities should not develop into the bankruptcy of
the nation," Yanukovich said.
He said his main task is to restore strategic partnership with Russia
and expressed hope "the people will have a clear say" at the upcoming
presidential election in January 2010.