KIEV, May 26 – The government and the National Bank of Ukraine must act quickly to recapitalize the banking sector to boost credit and to stimulate economic growth, former Finance Minister Viktor Pynzenyk said Tuesday.

Pynzenyk, who resigned earlier this year following a dispute with Prime Minister Yulia Tymoshenko, faulted the government for delaying the recapitalization, while spending money on sectors less affected by the crisis.

“The problem of the current situation is [weak] consumption,” Pynzenyk said in an interview with Channel 5 television late Tuesday. “In other words, the banking sector is not recapitalized, that’s why one cannot expect that the sector will produce new consumers.”