President Viktor Yuschenko proposes Verkhovna Rada to adopt his draft of amendments to the state budget-2008, the Presidential press- service announced.

The amendments to the state budget-2008 the Cabinet of Ministers introduced to Verkhovna Rada entail certain risks, the President said.

Thus, the Cabinet of Ministers' draft underestimates income by understating macroeconomics indices, the President said.

The Cabinet predicts inflation rate at 15.9% in 2008 while in January-June it stood at 15.5%.

The Cabinet's draft does not project sufficient funds to implement the program of providing population with accessible housing, to purchase grains to the Agrarian Fund, to balance Naftohaz Ukrainy financial flows, to upgrade homeland information security and enhance military efficiency of the Ukrainian Armed Forces, and quality of education, Yuschenko said.

The President corrected these shortcomings in his draft and proposes Rada to reorient financial flows to investments, the press-service said.

Besides providing budget loans for Naftohaz Ukrainy to pump gas in underground storages before the expected increase in gas prices, the President's draft projects to provide funds for completing the Dnistrovska hydro pumping storage station, producing and broadcasting public-contract TV programs, and maintaining natural and reserve funds.

The President also projects to increase welfare benefits for military men and build residential houses for them.

The President thinks his draft is optimal for the country's sustainable development, for cutting inflation rate and dealing with vital problems in the state.

As Ukrainian News reported, the Cabinet of Ministers suggests that Verkhovna Rada should increase revenues of the 2008 national budget by UAH 25,442.906,4 million to UAH 240,802.298,4 million, expenses by UAH 24,036.188,8 million to UAH 256,408.192,8 million; reduce marginal deficit by UAH 147.717 million to UAH 18.674 billion.

Prime Minister Yulia Tymoshenko hopes Verkhovna Rada to adopt the draft amendments to the state-budget-2008 on Friday, July 11.

Arsenii Yatseniuk, Verkhovna Rada Speaker, expected to close the second session of Verkhovna Rada of sixth convocation on July 11.