Naftogaz's budget support could be further reduced in 2015, says finance minister

The budget support of national joint-stock company Naftogaz Ukrainy, cut in the 2015 national budget to UAH 31.5 billion from UAH 110 billion in 2014, could be additionally reduced under the Extended Fund Facility (EFF) of the International Monetary Fund (IMF), Ukrainian Finance Minister Natalie Jaresko has said.

Support for Naftogaz Ukrainy in the 2015 budget is UAH 31.4 billion and this is one fourth of last year’s sum. This was based on the old program of cooperation with the IMF, she said. I think that we'll act more radically this year, she told reporters on Friday, on the sidelines of the World Economic Forum held in Davos.

"I think that we'll be able to cut the financing of Naftogaz more. There are no concrete figures and dates," she added.

Jaresko said that along with the decrease of budget support for Naftogaz Ukrainy, targeted social subsidies for citizens will be increased.