Nov. 17 (Bloomberg) -- Ukrainian President Viktor Yushchenko urged the central bank to boost industrial production and economic growth by refinancing lenders.

Yushchenko today signed a decree ``to advise the Natsionalnyi Bank Ukrainy to refinance banks'' and help them extend five-year mortgage loans to finish housing construction projects that are more than halfway completed, according to the president's Web site. The president also wants the government to boost the capital of state-run VAT Oshchadbank.

Ukraine secured a $16.4 billion loan from the International Monetary Fund to support its financial system as emerging-market countries were hit by the global financial crisis. The former Soviet country faces an economic slowdown as its export markets shrink and the prices of its main products, such as steel, drop.

Yushchenko urged lenders to use funds from the central bank for loans to the energy, transport and communications industries and to finance projects to host the 2012 European soccer championship.

The central bank needs to continue lending for investment in agriculture, machine building, metals and mining, Yushchenko's decree said. The president also wants to provide financing to the state-run Export-Import Bank, which provides loans for exporters and.

To contact the reporter on this story: Kateryna Choursina in Kiev kchoursina@bloomberg.net

Last Updated: November 17, 2008 08:26 EST