KYIV, Dec 4 - Ukraine due to poor management and insufficient rule of law has seen a shortage of $70 billion in budget revenues over five years, according to a study by the Center for Economic Strategy.

"This amount exceeds the entire Ukrainian foreign debt. That is, the problem of servicing it could have been resolved by eliminating only the largest corruption schemes ... At the same time, this amount includes only losses in public finance, it does not reflect how much the economy, the private sector, for example, could have earned by introducing the land market, improving infrastructure, or eliminating the "holes" of "black" import-export," Hlib Vyshlinsky, the executive director of the Center for Economic Strategy, said at a press conference at Interfax-Ukraine.