KIEV, Aug. 24 – President Viktor Yushchenko on Monday suggested a comprehensive plan of economic reforms that he said would reduce corporate taxes, lower inflation, stabilize the local currency and encourage foreign and domestic investments.

Speaking at the Independence Square, marking the 18th anniversary of Ukraine’s independence, Yushchenko said the plan would return the country to sustainable economic growth and generate “tens of billions” worth of US dollar investments.

“I suggest the comprehensive plan for economic improvement of Ukraine,” Yushchenko said. “Its main priorities are simple, clear and concrete: These are renewing financial stability, strong [domestic] currency, low inflation and sound budgetary policy.”

Yushchenko said he drew on his previous successful experiences and knowledge as a former governor of the National Bank of Ukraine and the prime minister while drafting the plan.

The announced plan marks a turnaround in the president’s previous rhetoric, perhaps suggesting an important shift in his future campaigning. According to Ukraine’s constitution, the president is responsible for foreign policy and defense issues, while economic programs are the responsibility of the government.

Although Yushchenko has previously repeatedly criticized the government of Prime Minister Yulia Tymoshenko for what he believes as an inappropriate economic and financial polices, he had so far stayed away from suggesting any comprehensive economic plan.

The rhetoric may be suggesting that Yushchenko, whose popularity is at rock bottom, may be seeking to shift campaigning towards economy perhaps targeting next parliamentary election that many analysts believe would follow the next presidential election due January 17, 2010.

The economic plan calls for lowering taxes, cutting red-tape, attracting foreign and domestic investments worth “tens of billions” of dollar into the economy.

“This is to support competitiveness of the Ukrainian producer, concentrating the government’s efforts on points of economic growth, as well as to support small and medium size businesses,” Yushchenko said.

One of such points of economic growth, Yushchenko said, will be the agriculture sector as he had announced plans to remove moratorium on sale of agriculture land and lift restrictions on exports of agriculture commodities.

Yushchenko’s economic plan comes days after Tymoshenko, joined by opposition leader Viktor Yanukovych, approved legislation that essentially calls for printing 10 billion hryvnias to finance infrastructure projects ahead of the Euro-2012 soccer championship.

Yushchenko, who previously vetoed the legislation, warned the money-printing would only increase inflation and may undermine the local currency, the hryvnia, which has been already facing downward pressure against the dollar.

Yushchenko also lashed out at “political populism,” a remark perhaps aimed against Tymoshenko, whose populist economic promises have been earlier alleged to have weakened the local currency.

Tymoshenko for the past three years has been enjoying higher popularity compared with Yushchenko, and the president said this may be caused by the fact that Ukraine comes from totalitarian Communist past.

“The people got used to constant caretaking and patronage by the state, which creates fertile ground for political populism,” Yushchenko said. “This is why populists are popular with society and politics. This is why hopes are for the emergence of a ‘strong arm.’” (tl/ez)