KIEV, Oct. 24 – Prime Minister Mykola Azarov has criticized the banks for their model of participation in the economy and said that the president has ordered the use of every possible mechanism to reduce interest rates on loans to enterprises to 14% per annum by the end of this year.

According to the premier, no business can develop properly if financial resources cost more than 20% per year.

"The president set us the task of using all available mechanisms to reduce the cost of loans to enterprises to at least 14% by the end of the year," the premier said while opening a government meeting in Kiev on Wednesday.